A group of Princeton University’s neighbors think it should lose its tax exempt status under New Jersey law. In the law suit, Plaintiffs argue that Princeton University violates the provisions of its tax-exempt status because it is earning hundreds of millions of dollars in patent royalty income and is distributing some of that money to… Read More
The IRS has hit the estate of former Detroit Pistons owner, William Davidson, with a $2 Billion tax bill. Yes, that’s a “B”, not an “M” — $2 Billion. William Morse “Bill” Davidson, who died in March 2009 at age 86, was President, Chairman and CEO of Guardian Industries, one of the world’s largest manufacturers… Read More
The American Taxpayer Relief Act of 2012 (“ATRA”) extended the qualified charitable distribution (QCD) provisions through December 31, 2013. In general, distributions from IRAs must be included in gross income in the year in which distribution occurs, and income taxes must be paid on the taxable portion. A qualified charitable distribution (“QCD” or charitable rollover)… Read More
Pennsylvania’s 2013-14 budget passed the legislature and was signed into law by the Governor on July 9, 2013. Tucked away in Section 34 on page 143 of the 165 page Act 52 is a new inheritance tax exemption for qualified family-owned businesses. It states: “A transfer of a qualified family-owned business interest to one or… Read More