Business
How to Avoid the Tiny Blunder That Cost Two Donors a $665,000 Tax Deduction
Small details can sink large tax deductions for charitable donations.
A case in point: Two recent Tax Court decisions involving first cousins who donated 13.3 acres of land to Highland City, Utah, in 2018. The judge ruled that Stephen Martin and Clint Martin, who were close growing up and later did business together, can’t deduct $665,000 for the land donation. A limited liability company owned by the cousins acquired the land for $22,000 at a delinquent-tax auction in 2014.
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