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SilvermanAlbany, N.Y.Staff CorrespondentRyan C. TuckWashington Plans to create charitable funds as a workaround to the new federal tax law are raising concerns among tax attorneys who are questioning the legal soundness of the proposals. Peter L. Faber, a partner at McDermott, Will & Emery LLP, questioned whether contributions to the funds will pass muster with the Internal Revenue Service. Another tax attorney, Stanley C. Ruchelman of Ruchelman PLLC, questioned whether the credits could be considered by the IRS to be an abusive tax shelter. If the creation of the funds doesn’t pass muster with the IRS, it would be a death blow to plans by New York, California, New Jersey, and other states to mitigate the impact of the new $10,000 cap on the federal deduction for taxes paid to state and local governments. “It is absurd to suggest that a ‘voluntary’ contribution to a state to be used for functions that the state would pay for anyway, and that reduces the donor’s income tax liability dollar-for-dollar or close to that, would be treated as a deductible contribution under Section 170 of the Internal Revenue Code,” Faber told Bloomberg Tax in a March 20 email. “It is a well-established principle of tax law that a transaction’s form will not be respected if its substance is otherwise, and the charitable deduction gambit represents a classic example of that principle,” he said.
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