Tax Law of Private Foundations, + Website - 2019 Cumulative Supplement

Make sense of the new regulatory requirements with expert clarification and practical tools for compliance - updated through 2019 Private Foundations: Tax Law and Compliance, 5th Edition provides clarification, expert insight, and helpful instruction for executives and supporting professionals navigating extensive federal tax law requirements. This 2019 Cumulative Supplement captures the latest regulatory developments for easy reference. Despite their relatively low numbers, private foundations are subject to complex, burdensome regulations that continue to expand. This book summarizes and clarifies the statutory regulations governing private foundations, offers expert insight into the underlying logic, and provides a host of practical tools that ease the filing process and help ensure compliance with the latest laws.

List of contents

Preface ix
 
Book Citations xi
 
1 Introduction to Private Foundations 1
 

1.1 Private Foundations: Unique Organizations 1
 

1.2 Definition of Private Foundation 1
 

1.9 Private Foundation Sanctions 1
 

1.10 Statistical Profile 2
 
2 Starting, Funding, and Governing a Private Foundation 3
 

2.1 Choice of Organizational Form 3
 

2.5 Acquiring Recognition of Tax-Exempt Status 3
 

2.6 Special Requirements for Charitable Organizations 4
 

2.7 When to Report Back to the IRS 4
 
3 Types of Private Foundations 7
 

3.1 Private Operating Foundations 7
 

3.3 Conduit Foundations 8
 
4 Disqualified Persons 9
 
5 Self-Dealing 11
 

5.1 Private Inurement Doctrine 11
 

5.2 Private Benefit Doctrine 12
 

5.3 A Excess Compensation Tax 14
 

5.4 Sale, Exchange, Lease, or Furnishing of Property 15
 

5.5 Loans and Other Extensions of Credit 16
 

5.6 Payment of Compensation 17
 

5.8 Uses of Income or Assets by Disqualified Persons 17
 

5.11 Indirect Self-Dealing 19
 

5.12 Property Held by Fiduciaries 27
 

5.15 Issues Once Self-Dealing Occurs 32
 
6 Mandatory Distributions 33
 

6.1 Distribution Requirements - in General 33
 

6.2 Assets Used to Calculate Minimum Investment Return 33
 

6.5 Qualifying Distributions 34
 
7 Excess Business Holdings 35
 

7.1 General Rules 35
 

7.2 Permitted and Excess Holdings 37
 

7.3 Functionally Related Businesses 37
 
8 Jeopardizing Investments 39
 

8.3 Program-Related Investments 39
 
9 Taxable Expenditures 41
 

9.1 Legislative Activities 41
 

9.2 Political Campaign Activities 41
 

9.3 Grants to Individuals 42
 

9.9 Spending for Noncharitable Purposes 42
 
10 Tax on Investment Income 45
 

10.3 Formula for Taxable Income 45
 

10.5 Foreign Foundations 45
 
11 Unrelated Business Activity 47
 

11.2 Exceptions 47
 

11.3 Rules Specifically Applicable to Private Foundations 48
 

11.4 Unrelated Debt-Financed Income Rules 48
 

11.5 Calculating and Reporting the Tax 49
 
13 Termination of Foundation Status 57
 

13.1 Voluntary Termination 57
 

13.3 Transfer of Assets to a Public Charity 57
 

13.4 Operation as a Public Charity 57
 

13.6 Termination Tax 57
 
14 Charitable Giving Rules 59
 

14.1 Concept of Gift 59
 

14.4 Deductibility of Gifts to Foundations 60
 

14.5 Qualified Appreciated Stock Rule 60
 

14.9 Administrative Considerations 61
 
15 Private Foundations and Public Charities 67
 

15.2 Evolution of Law of Private Foundations 67
 

15.5 Service Provider Organizations 67
 

15.7 Supporting Organizations 68
 

15.8 Change of Public Charity Category 69
 

15.9 Noncharitable Supported Organizations 70
 
16 Donor-Advised Funds 71
 

16.1 Basic Definitions 71
 

16.3 Types of Donor Funds 71
 

16.9 Statutory Criteria 71
 

16.12 Tax Regulations 72
 

16.13 DAF Statistical Portrait 72
 

16.14 Criticisms and Commentary 74
 
Table of Cases 81
 
Table of IRS Revenue Rulings and Revenue Procedures 87
 
Table of IRS Private Determinations Cited in Text 91
 
Table of IRS Private Letter Rulings, Technical Advice Memoranda, and General Counsel Memoranda 99
 
About the Author 115
 
About the Onl

About the author

BRUCE R. HOPKINS practices, with the Bruce R. Hopkins Law Firm, LLC, in the field of tax-exempt organizations, including private foundations, and is widely recognized as one of the country's leading lawyers in the field.

JODY BLAZEK is a partner in Blazek & Vetterling, a CPA firm focusing on tax and financial planning for exempt organizations and the individuals who create, fund, and work with them and is recognized as a leading accountant in the field.

Summary

Make sense of the new regulatory requirements with expert clarification and practical tools for compliance - updated through 2019 Private Foundations: Tax Law and Compliance, 5th Edition provides clarification, expert insight, and helpful instruction for executives and supporting professionals navigating extensive federal tax law requirements. This 2019 Cumulative Supplement captures the latest regulatory developments for easy reference. Despite their relatively low numbers, private foundations are subject to complex, burdensome regulations that continue to expand. This book summarizes and clarifies the statutory regulations governing private foundations, offers expert insight into the underlying logic, and provides a host of practical tools that ease the filing process and help ensure compliance with the latest laws.

Product details

• Authors: Jody Blazek, Blazek Jody, Br Hopkins, Bruce Hopkins, Bruce R Hopkins, Bruce R. Hopkins, Bruce R. (Member Hopkins, Bruce R. Blazek Hopkins, Hopkins Bruce R.
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Paperback / Softback
• Released: 30.11.2019
• EAN: 9781119614241
• ISBN: 978-1-119-61424-1
• No. of pages: 160
• Subjects: Guides > Law, job, finance; Social sciences, law, business > Business > Business administration; Steuerrecht, Business & management, Wirtschaft u. Management, Gemeinnützige Organisationen / Recht, Non-Profit Organizations / Law