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Taxation in the United States. The U.S. generation-skipping transfer tax (a.k.a. "GST tax") imposes a tax on both outright gifts and transfers in trust to or for the benefit of unrelated persons who are more than 37.5 years younger than the donor or to related persons more than one generation younger than the donor, such as grandchildren. [1 ...
The Government argued that Hong Kong's tax base was narrow; thus, a single-rate GST was a viable option for Hong Kong in order to broaden the tax base and secure the sustainability of tax revenues base and the capacity to meet public expenditure needs in the long run.
Contributions to charitable organizations are deductible to the donor, unless the donee organization uses any of its net earnings to benefit a private shareholder, or if it attempts to in any way influence political campaigns or legislation. A contribution to a charitable organization need not be fully a "gift" in the statutory sense of the ...
Making charitable donations gives you the opportunity to do good and get a valuable tax deduction. In the case of a $100,000 adjusted gross income (AGI) with a $50,000 cash donation, you can ...
By setting up a CLAT, donors are able to make a charitable donation and receive an immediate income tax deduction of up to 30% of their adjusted gross income. Koskinen, who arguably knows the tax ...
A donor-advised fund is a charitable-giving account that allows a donor to provide grants to a charity over a period of years. They can be relatively inexpensive to create and maintain, and a ...
Charitable organization (Canada) A charitable organization in Canada is regulated under the Canadian Income Tax Act through the Charities Directorate of the Canada Revenue Agency (CRA). There are more than 85,600 registered charities in Canada. [1] The charitable sector employs over 2 million people and accounts for about 7% of the GDP of Canada.
A qualified charitable distribution offers a way for even small donations to count toward your tax bill. So if you’re looking to give, consider using your IRA in place of giving from other ...