CHAPTER SEVENTEENPolitical Organizations
p. 456, note 8. Insert as second paragraph:
As to gifts made after December 18, 2015, the gift tax exclusion is available for transfers of money or other property to tax-exempt social welfare organizations (see Chapter 13), labor organizations (see § 16.1), and business leagues (see Chapter 14) (IRC § 2501(a)(6), added by Protecting Americans from Tax Hikes Act of 2015 (Pub. L. No. 114-113, Division Q) § 408(a), (b)). No inference is to be drawn from this law change as to whether transfers to these entities prior to this effective date are subject to the gift tax (id. § 408(c)).
*§ 17.6 TAXATION OF OTHER EXEMPT ORGANIZATIONS
*p. 465, first complete paragraph, lines 2 and 3. Delete public charities engaging in any amount of and insert charitable organizations engaging to any extent in.
Get The Law of Tax-Exempt Organizations + Website, 2017 Cumulative Supplement, 11th Edition now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
