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Volume 54, Number 1 January 2023

TAX CLINIC

Inflation Reduction Act
includes 15% corporate
minimum tax on book income ....... 7
Private foundations’
distributions to and from
nonpublic charities .................... 11
Supporting organization
loses tax-exempt status ........... 14
Sec. 987 foreign currency
regulations applicability date
extended again ........................... 16
The Inflation Reduction Act’s
energy- and climate-related
tax provisions ............................ 17
Proposed regs. address
IRS Appeals’ review of tax
controversies ............................. 21

DEPARTMENTS

DIXON AWARD ............................... 9
TAX PRACTICE &
PROCEDURES ............................. 34
DC CURRENTS ............................ 40

CASE STUDY ................................ 44
24 Recent developments in estate TAX TRENDS ................................. 48

planning: Part 3
By Justin Ransome
In this third installment of an annual update on trust, estate, and gift taxation, the
topics include generation-skipping transfer tax, trusts, private foundations, selected
inflation-adjusted amounts, and the president’s and Treasury’s proposed law changes
affecting trusts, estates, and gifts. The first and second installments of the update ap- Tax News
peared in the November 2022 and December 2022 issues, respectively.
For the latest tax news, visit
On the cover: Photo by monkeybusinessimages/Getty Images; above: Photo by Becca Wohlwinder TheTaxAdviser.com.
Photography/Getty Images

2 January 2023 The Tax Adviser