Write-Offs: Estate-Tax Figures; Levies Paid on Charity Business
By Elizabeth Schwinn
Contributor
September 20, 2001 | Read Time: 1 minute
- Wealthy Americans who paid estate taxes gave $10.1-billion to charity through their estates in 1995, according to a recent IRS analysis of tax data. The figure represents 7 percent of all giving for that year, based on figures in the 1995 edition of Giving USA, published by the American Association of Fund-Raising Counsel’s Trust for Philanthropy. Sixty percent of the donors were women.
- Tax-exempt groups saw profits from business activities unrelated to their missions grow to $1.4-billion in 1997, an increase of 18 percent from a year earlier, the IRS reported. Less than a third of that amount — or $418.4-million — was subject to taxation, the revenue service reported. Charities may exclude from taxation some types of unrelated-business income, such as royalties and property-rental income.
