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TAX WATCH
Court Denies Charity Status to Donor-Advised Fund
By Elizabeth Schwinn
A donor-advised fund does not deserve tax-exempt status because it improperly shielded donors' wealth from taxation, the U.S. Court of Federal Claims has ruled.
The court case is among the first involving a donor-advised fund, which allows people to set aside money in a special fund, claim a charitable tax deduction, and then...