Lesson From The Tax Court:  Size Does Not Matter

In Janet R. Braen et al. v. Commissioner, T.C. Memo. 2023-85 (July 11, 2023) (Judge Urda), we learn that there is no charitable deduction for a bargain sale done to settle a lawsuit, even though it was a huge bargain sale. There, the taxpayers claimed a $5.2 million charitable contribution…

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