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The Tax Professionals Blog

When Is a Charitable Contribution Appraisal Required?

Frequently taxpayers make multiple charitable contributions during the year and if the total of those contributions exceeds $5,000, is a qualified appraisal required? 

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Tax Treatment of Below Market ( Gift ) Loans

Occasionally when preparing tax returns, we encounter situations where there are loans between family members, or occasionally between employer and employee, with no interest being charged or the rate of interest is below market rates.  IRC Sec. 7872 deals with issues related to below market loans including: creating interest income, interest payments, investment interest, gift consequences and certain exceptions to the Sec 7872 treatment.  Sec 7872 covers a variety of circumstances; however this article deals only with its application to non-business loans between family members or between employer and employee. 

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Analysis of Required Minimum Distribution for Year of the Individual Retirement Account Owner’s Death

Often the question arises related to the need for a required minimum distribution (RMD) in the year of the IRA owner’s death.  Information on this requirement is sketchy at best.  The following has been gleaned from the regulations and IRS Publication 590-B. 

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