File 026635
Email: Tax Planning Strategy Under Trump Administration (File 026635)
Email from Richard Kahn to Jeffrey E. regarding tax planning strategies in anticipation of Trump administration tax policy changes, focusing on itemized deduction caps and charitable contribution strategies.
Summary
Richard Kahn emails Jeffrey E. with tax planning advice related to potential Trump administration tax reforms, specifically addressing the proposed cap on itemized deductions at $200,000. Kahn analyzes Jeffrey E.'s historical itemized deductions (2015: $1.7M, 2014: $739K), identifies major deduction sources including real estate taxes and investment interest expenses, and recommends contributing appreciated stock to charitable foundations (Gratitude & Enhanced) in 2016 due to favorable tax circumstances. The email includes foundation asset summaries totaling $10.7M and projections showing how long foundations could sustain various annual contribution levels.
From: Richard KahnSent: 11/29/2016 3:37:46 PMTo: jeffrey E. [jeeyacation@gmail.com]Subject: Tax Planning Under TrumpImportance: Highnot sure your thoughts on likelihood of his plan (with very little details) passingmy concern and thoughts are that if itemized deductions are capped at 200,000 you will be impacted by Trumpplanyour itemized deductions on the last 2 years returns were as follows:2015 1,721,4742014 739,139the two biggest items on your itemized are RE Taxes of approximately 600,000 per year and investment interestexpense from STC K-1 with the majority coming from boothbayi thought that 2016 may be a good year to contribute appreciated stock to gratitude or enhanced for threereasons:a) potential cap on itemized per trumpb) very low EDC income this year so your effective tax rate is higherc) if itemized stays however tax rates go down charitable deduction is worth more in 2016Gratitude & Enhanced SummaryCash 4,738,854Equities 3,792,177Fixed Income 2,199,792Total Value as of 10-31-2016 10,730,823Although calculation below does not factor in growth i ran summaries how long foundations can continue tomake annual contributions at the following levels:600,000 17.88 years700,000 15.33 years800,000 13.41 years900,000 11.92 years1,000,000 10.73 yearshttp://smolin.com/tax-planning-trump/?utm medium=email& hsenc=p2ANqtz-9cVvrtlu7t-PS2aTSDot MfPqLyf5nz-HEqo0OHZ2p1m4IPpx2ofWoKVEtA4VNoa5V7IKOjpCBUneblDWflemNH1V25wqIpsR66ZSueRTahNjres8& hsmi=38093530&utm content=38093530&utm source=hs email&hsCtaTracking=04192ff7-d8f4-4bdc-ac61-36ac99f6aa45%7C515b98b3-dbce-47cd-87ad-20d95c646158HOUSE OVERSIGHT 026635Richard KahnHBRK Associates Inc.575 Lexington Avenue 4th FloorNew York, NY 10022telfa,cellHOUSE OVERSIGHT 026636