Private foundations : tax law and compliance

著者

書誌事項

Private foundations : tax law and compliance

Bruce R. Hopkins, Jody Blazek

Wiley, c2003-

2nd ed

  • : cloth
  • 2007 cumulative suppl

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注記

Includes bibliographical references and index

内容説明・目次

巻冊次

2007 cumulative suppl ISBN 9780470135693

内容説明

"The 2007 Cumulative Supplement" includes the following updates: the 2006 version of Form 990-PF, filled in to illustrate reporting issues, is included in Chapter 12; and, the IRS has substantially revised the application for recognition of exemption filed by private foundations (and other charitable organizations), Form 1023. This application is included in supplemental materials for Chapter 2, along with some details about preparation of the form and some traps inherent therein.It includes: discussion of application of self-dealing rules, the personal services exception, the exception for incidental benefits, and foundation-funded disaster relief programs; summary of the Enactment of the Pension Protection Act of 2006; and, discussion of the IRS' restructuring which has brought - among other units - the Exempt Organizations Compliance Unit, the Data Analysis Unit, and the Review of Operations Unit. The significance of these units is reflected in the recently issued IRS report on its Executive Compensation Compliance Initiative project.

目次

List of Exhibits.Preface.Chapter One: Introduction to Private Foundations. 1.6 Operating for Charitable Purposes.Chapter Two: Starting and Funding a Private Foundation. 2.5 Acquiring Tax-Exempt Status.(a) Preparing Form 1023. 2.7 When to Report Back to the IRS.Chapter Three: Types of Private Foundations. 3.1 Private Operating Foundations.(a) Direct Charitable Distributions. 3.2 Conduit Foundations. 3.6 Nonexempt Charitable Trusts.Chapter Four: Disqualified Persons. 4.1 Substantial Contributors. 4.8 Governmental Officials.Chapter Five: Self-Dealing. 5.2 Private Benefit Doctrine. 5.3 Definition of Self-Dealing.(c) Exceptions Provided in Regulations. 5.4 Sale, Exchange, Lease, or Furnishing of Property.(c) Leasing of Property.(d) Furnishing of Goods, Services, or Facilities.(e) Co-Owned Property. 5.5 Loans and Other Extensions of Credit.(b) Interest-Free Loans. 5.6 Payment of Compensation.(a) Definition of Personal Services (New).(b) Definition of Compensation (New).(d) Finding Salary Statistics.(f) Expense Reimbursements and Advances.(g) Bank Fees.(h) IRS Executive Compensation Study (New). 5.7 Indemnification and Insurance.(a) Noncompensatory Indemnification and Insurance. 5.8 Uses of Income or Assets by Disqualified Persons.(a) Securities Transactions.(c) For the Benefit of Transactions (New).(d) Incidental or Tenuous Benefits.(f) Benefit Tickets. 5.9 Sharing Space, People, and Expenses.(b) Office Space and Personnel. 5.11 Indirect Self-Dealing. 5.12 Property Held by Fiduciaries.(a) General Rules. 5.12A Early Terminations of Charitable Remainder Trusts (New). 5.14 Issues Once Self-Dealing Occurs.(a) Undoing the Transaction.(b) Amount Involved.(d) Payment of Tax.(e) Advice of Counsel.Chapter Six: Mandatory Distributions. 6.2 Assets Used to Calculate Minimum Investment Return.(c) Exempt Function Assets.(f) Acquisition Indebtedness. 6.3 Measuring Fair Market Value.(d) Readily Marketable Securities.(f) Cash and Other Types of Assets. 6.4 Distributable Amount.(a) Controversial Addition. 6.5 Qualifying Distributions.(a) Direct Grants.(b) Direct Charitable Expenditures.(c) Controversial Proposal (New).(d) Set-Asides. 6.6 Satisfying the Distribution Test.(b) Planning for Excess Distributions.(d) Abatement of the Tax. 6.6A Distributions to Certain Supporting Organizations (New).Chapter Seven: Excess Business Holdings. 7.1 General Rules.(a) Definition of Business Enterprise.(d) Percentage Limitations. 7.2 Permitted and Excess Holdings.(d) Disposition Periods. 7.3 Functionally Related Businesses. 7.3A Rules Applicable to Certain Supporting Organizations (New). 7.3B Rules Applicable to Donor-Advised Funds (New). 7.4 Excise Taxes on Excess Holdings.Chapter Eight: Jeopardizing Investments. 8.1 General Rules.(a) Defining Jeopardy. 8.2 Prudent Investments.(b) Facing the Unknown. 8.3 Program-Related Investments. 8.4 Excise Taxes for Jeopardizing Investments.(b) Reliance on Outside Advisors.Chapter Nine: Taxable Expenditures. 9.1 Legislative Activities.(c) Grants to Charities That Lobby. 9.3 Grants to Individuals.(a) Grants for Travel, Study, or Other Purposes.(b) Other Individual Grants.(c) Compensatory Payments.(d) Selection Process.(e) Employer-Related Programs.(h) Individual Grant Intermediaries. 9.4 Grants to Public Charities.(b) Documenting Public Charity Grants.(c) The Reliance Problem. 9.5 Grants to Foreign Organizations. 9.6 Expenditure Responsibility.(a) General Rules.(e) Reports from Grantees. 9.8A Distributions to Certain Supporting Organizations (New). 9.9 Excise Tax for Taxable Expenditures.(b) Paying or Abating the Tax.Chapter Ten: Tax on Investment Income. 10.2 Reducing the Excise Tax.(a) Qualification for Reduced Rate. 10.3 Formula for Taxable Income.(a) Gross Investment Income.(b) Interest.(f) Estate or Trust Distributions.(h) Partnerships. 10.4 Capital Gains.(a) Basis.(b) Nontaxed Gains.(c) Questionable Types of Gain. 10.4A Post-2006 Effort to Expand Tax Base (New). 10.5 Reductions to Gross Investment Income. 10.6 Timely Payment of Excise Tax.Chapter Eleven: Unrelated Business Income. 11.1 General Rules.(e) Real Estate Activities. 11.2 Exceptions.(d) Nonbusiness Activities.(e) Revenue Produced on the Internet (New). 11.3 Rules Specifically Applicable to Private Foundations.(c) Partnerships and S Corporations. 11.4 Unrelated Debt-Financed Income.(b) Related-Use Exceptions.Chapter Twelve: Tax Compliance and Administrative Issues. 12.1 Successful Completion of Form 990-PF.(a) Part I, Analysis of Revenue and Expenses. 12.2 Reports Unique to Private Foundations.(c) Part VII-A, Statements Regarding Activities. 12.3 Compliance Issues.(c) Where andWhen to File Form 990-PF.(e) Reporting Violations and Other IRS Issues.(f) Employment Tax Considerations (New).(g) Reporting Requirements for Offshore Investments (New).Chapter Thirteen: Termination of Foundation Status. 13.1 Voluntary Termination. 13.3 Transfer of Assets to a Public Charity.(a) Eligible Public Charity Recipients. 13.4 Operation as a Public Charity. 13.5 Mergers, Split-Ups, and Transfers between Foundations.(c) Unanswered Question.Chapter Fourteen: Charitable Giving Rules. 14.2 Gifts of Appreciated Property. 14.4 Deduction Reduction Rules.(b) Qualified Appreciated Stock Rule.Chapter Fifteen: Private Foundations and Public Charities. 15.4 Publicly Supported Organizations-Donative Entities.(b) Support Test. 15.5 Service Provider Organizations.(a) Investment Income Test.(c) Unusual Grants. 15.7 Supporting Organizations.(b) Operational Test.(g) Operated in Connection with.(g.1) Application of Excess Benefit Transactions Rules (New).(h) Limitation on Control.(h.1) Pension Protection Act-Caused Problem (New).(k) Department of Treasury Study (New). 15.9 Relationships Created for Avoidance Purposes.Chapter Sixteen: Donor-Advised Funds. 16.2 General Concept of a Gift. 16.3 Types of Donor Funds. 16.4 IRS Challenges to Donor Funds. 16.7 Public Charity Status of Funds. 16.9 Statutory Criteria (New).Cumulative Table of Cases.Cumulative Table of IRS Revenue Rulings and Revenue Procedures.Cumulative Table of IRS Private Determinations Cited in Text.Cumulative Table of IRS Private Determinations Discussed in Bruce R. Hopkins' Nonprofit Counsel.Cumulative Table of IRS Private Letter Rulings, Technical Advice Memoranda, and General Counsel Memoranda.Cumulative Table of Cases Discussed in Bruce R. Hopkins' Nonprofit Counsel.Cumulative Index.Note: Sections not in the main bound volume, Private Foundations: Tax Law and Compliance Second Edition (9780471444381) are indicated by "(New)" after the title. Material newto or modified in this supplement is indicated by an asterisk () in the left margin in the Contents and throughout the supplement.
巻冊次

: cloth ISBN 9780471444381

内容説明

Private foundations are a special niche of the nonprofit sector. They are allowed to remain relatively tax exempt in exchange for supporting charitable activities. There are more than 50,000 and growing private foundations in the United States holding assets worth more than $230 billion. Private foundations are subject to a unique and complex set of (mostly tax) regulations that govern everything from how much money they give away to their investment policies and procedures. This much needed, annually updated manual explicates a wide range of tax rules and regulations for these foundations and prepares them for the increasing scrutiny of the IRS. Co-authored by a lawyer and tax accountant, the revised and expanded second edition of this highly respected guide includes practical tax compliance suggestions and in depth legal explanations, line by line instructions, sample filled IRS forms, and complete citations.

目次

Preface.Chapter One. Introduction to Private Foundations.Chapter Two. Starting and Funding a Private Foundation.Chapter Three. Types of Private Foundations.Chapter Four. Disqualified Persons.Chapter Five. Self-Dealing.Chapter Six. Mandatory Distributions.Chapter Seven. Excess Business Holdings.Chapter Eight. Jeopardizing Investments.Chapter Nine. Taxable Expenditures.Chapter Ten. Tax on Investment Income.Chapter Eleven. Unrelated Business Income.Chapter Twelve. Tax Compliance and Administrative Issues.Chapter Thirteen. Termination of Foundation Status.Chapter Fourteen. Charitable Giving Rules.Chapter Fifteen. Private Foundations and Public Charities.Chapter Sixteen. Donor-Advised Funds.Appendix A. Sources of the Law.Appendix B. Internal Revenue Code Sections.Table of Cases.Table of IRS Revenue Rulings and Revenue Procedures.Table of IRS Private Determinations Cited in Text.Table of IRS Private Determinations Discussed in Bruce R. Hopkins' Nonprofit Counsel.Table of IRS Private Letter Rulings, Technical Advice Memoranda, and General Counsel Memoranda.Index.

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