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Charitable Gifts (incl. Bargain Sales); LLC or Real Estate as Inventory; S Corp. Fid. Inc. Tax (Incl. ESBT NOLs)


Drawn from Steve Gorin’s 3rd quarter 2023 newsletter, this course will review gifts from trusts and bargain sales, when real estate or an LLC interest constitutes inventory, and selected fiduciary income tax issues regarding a trust owning S corporation stock.

Regarding charitable issues, Braen v. Commissioner, T.C. Memo. 2023-85, disallowed a bargain sale and is a primer on various substantiation issues. Also, an unreported Tax Court case was settled favorably to the taxpayer when the IRS attempted to disallow charitable contributions authorized after a trust was decanting; the judge’s pretrial order expressing support for the decanting led to the settlement.

Glade Creek Partners, LLC v. Commissioner, T.C. Memo. 2023-82, held that real estate was inventory and described how the taxpayer could have tried to avoid that result. CCA 202309015 argued that the interests in LLCs holding land were inventory under Code § 1221.

Finally, CCA 202335014 clarified an electing small business trust’s deduction of net operating losses, clarifying the scope of CCA 200734019. While we are on the topic of S corporation trust, we will discuss toggling grantor trust status when the business is sold.



The live presentation of this webinar was approved for 1.5 hours of general CLE credit in California, Illinois, and Texas; 1.8 hours of general CLE credit in Missouri; and 1.5 hours of professional practice CLE credit in New York. Please visit the CLE Overview page to see how the CLE credit for this recorded webinar can be applied in CA, IL, MO, NY, & TX. 

If you are interested in receiving CA, IL, MO, NY, or TX CLE credit for watching the recorded presentation, you must register for the program by clicking  here. If you are not interested in receiving CLE credit, you can watch the presentation by clicking the play button on the video.

Participants will only be emailed a Certificate of Attendance if the webinar is viewed in its entirety. If you were unable to view the webinar in its entirety, please contact webinarinquiries@thompsoncoburn.com to see if you are eligible to receive partial credit. 

If you do not receive your Certificate of Completion, please e-mail webinarinquiries@thompsoncoburn.com

Steve Gorin

For technical materials supporting the slides, please see Steve's newsletter.

Originally Presented:
October 31, 2023