IRS Issues PLR Allowing Unlimited Charitable Contribution Deductions for Estate Income to Charities

The IRS has published a private letter ruling on I.R.C. §642 and Treas. Reg. §1.642 confirming that an estate may claim unlimited charitable contribution deductions for gross income amounts paid to tax exempt organizations when such payments are required by the decedent’s will and state law mandates income distribution to residuary beneficiaries including charitable organizations. [PLR 202618006]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.