/>iWelcome to the first episode of “Tax Stuff You Should Know,” hosted by Robert R. Pluth, Jr. and Evgeny Magidenko. In this episode, Bob and Gene discuss the assignment of income doctrine, its implications in tax law, and the recent Hoensheid case.
They explore the nuances of tax planning, the importance of timing in charitable contributions, and the Internal Revenue Service’s (IRS) scrutiny of such transactions. The conversation emphasizes the need for proper documentation and planning to avoid potential tax issues.
Takeaways
- Exploring how charitable contributions can raise assignment of income issues if not planned properly.
- Understanding the crucial timing considerations when making charitable contributions of business interests in proximity to potential sales of those interests.
- Examining key facts and issues raised in the Hoensheid case.
- Emphasizing the importance of taxpayers following proper procedures when donating property, particularly large noncash gifts.
