Conrad Teitell

February 25, 2008 | New York Law Journal

Conrad Teitell, a principal at Cummings & Lockwood, reviews a number of developments in Congressional and regulatory action (and inaction) that could impact donations and the operations of non-profits.

By Conrad Teitell

7 minute read

April 19, 2002 | New York Law Journal

S etting the stage. Charitable remainder trusts give donors the satisfaction of making important charitable gifts, income for life (or a term of years) and significant tax benefits income, gift and estate tax charitable deductions. Sometimes the marital deduction is also in play.

By Conrad Teitell

7 minute read

August 24, 2009 | New York Law Journal

Conrad Teitell, a principal at Cummings & Lockwood, reviews a recent case where the donor granted to the North American Land Trust a perpetual conservation easement covering a golf course that it owned. The IRS disallowed the $30,588,235 charitable deduction in its entirety and imposed an accuracy-related penalty. The decision by the Tax Court is an excellent primer on valuation and appraisals and demonstrates the importance of selecting an expert.

By Conrad Teitell

13 minute read

April 27, 2009 | New York Law Journal

Conrad Teitell, a principal at Cummings & Lockwood, writes that the Maddux case, recently decided by the Tax Court, deals with one of the simpler situations. The donors gave cash to a church. Cash gifts to churches (and publicly supported charities) are deductible up to 50 percent of adjusted gross income with a five-year carryover for any "excess." As the Madduxes learned, you've got to use the carryover to the max in each carryover year - you can't pick and choose when you'll take it. If all gifts were deductible up to 50 percent of adjusted gross income with a five-year carryover, people's tax lives would be much less complicated. Of course, there are additional rules.

By Conrad Teitell

12 minute read

June 25, 2007 | New York Law Journal

Conrad Teitell, a principal at Cummings & Lockwood, warns that tax lawyers, in addition to keeping up with the ever-changing laws, have to be sure that advice given to clients doesn't infringe a tax-strategy patent. It's no defense that the lawyer was unaware of the patent and came up with the strategy on his or her own. So granted patents and patent applications will have to be researched.

By Conrad Teitell

9 minute read

August 22, 2005 | New York Law Journal

Conrad Teitell, a principal at Cummings & Lockwood, analyzes the pitfalls that may waylay the unwary when a husband and wife create a standard unitrust paying them jointly for life, then all to the survivor and remainder to charity.

By Conrad Teitell

7 minute read

June 23, 2008 | New York Law Journal

Conrad Teitell, a principal at Cummings & Lockwood in Stamford, Conn., writes that a nifty private letter ruling recently affirmed a long-standing published letter ruling, which the Internal Revenue Service unsuccessfully tried to disavow in 2002.

By Conrad Teitell

10 minute read

December 27, 2010 | New York Law Journal

In his Estate Planning and Philanthropy feature, Conrad Teitell of Cummings & Lockwood discusses how when you "deliver" a charitable gift determines: (1) the tax year in which the gift is deductible; (2) the value of the gift for assets that fluctuate in value (e.g., stock); and (3) in close cases, whether a gift is of long-term or short-term property.

By Conrad Teitell

10 minute read

October 25, 2010 | New York Law Journal

Conrad Teitell of Cummings & Lockwood discusses Estate Planning and Philanthropy, and provides readers with a form-letter for charitable donations.

By Conrad Teitell

16 minute read

October 27, 2008 | New York Law Journal

Conrad Teitell, a partner at Cummings & Lockwood, writes that a handful of tax incentives for charitable gifts expired at the end of 2007. Those beneficial provisions were part of an omnibus extenders bill that was added to the $700 billion bailout legislation. The rest, as they say, is history. He offers am analysis of the IRA/charitable rollover - the granddaddy and grandma of them all.

By Conrad Teitell

13 minute read