Private Foundations: Tax Law and Compliance, Fourth Edition 2015 Cumulative Supplement
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More About This Title Private Foundations: Tax Law and Compliance, Fourth Edition 2015 Cumulative Supplement

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The essential guide to foundation tax law, revised and expanded

Private Foundations, 4th Edition: Tax Law and Compliance captures all new developments in the area, providing an up-to-date reference on relevant changes in IRS forms, requirements, and related tax procedures. Completely revised and expanded, this useful book provides valuable tools including checklists that highlight critical concerns such as tax exempt eligibility, reporting to the IRS, and tax compliance. Sample documents and practice aids provide easy quick reference, and the extensive analysis of the regulations and law that apply to foundations helps reader fully grasp the details of new legislation. In-depth coverage includes everything from organizing and applying for tax-exempt status and managing mandatory distribution, to annual reporting and winding up a foundation's affairs.

With more than 80,000 private foundations in the United States, and the increasing scrutiny of the IRS, this essential book provides the tax law updates that keep foundations compliant in the midst of ever evolving laws and guidelines. Written by two of the country's leading legal authorities on the law of private foundations, this new edition provides guidance toward the latest changes, with top-notch insight and interpretation.

Understand critical guidelines regarding eligibility, reporting, and complianceGet up to date on the most recent changes to tax regulations and other lawComplete applications and forms more quickly and easilyConsult charts and examples to find information quickly

Staying up to date on the tax laws that apply to private foundations can be daunting, especially factoring in the need to understand the interpretation and application of these complex regulations. Private Foundations, 4th Edition: Tax Law and Compliance puts all the codification and guidance in one place, making it a "must-have" reference for foundation tax law.

English

Preface vii

Book Citations ix

Chapter Two: Starting and Funding a Private Foundation 1

§2.5 Acquiring Recognition of Tax-Exempt Status 1

§2.7 When to Report Back to the IRS 7

Chapter Three: Types of Private Foundations 9

§3.1 Private Operating Foundations 9

Chapter Four: Disqualified Persons 11

§4.4 Family Members 11

Chapter Five: Self-Dealing 13

§5.3 Definition of Self-Dealing 13

§5.4 Sale, Exchange, Lease, or Furnishing of Property 13

§5.6 Payment of Compensation 15

§5.8 Uses of Income or Assets by Disqualified Persons 15

§5.11 Indirect Self-Dealing 16

§5.12 Property Held by Fiduciary 16

Chapter Six: Mandatory Distributions 17

§6.2 Assets Used to Calculate Minimum Investment Return 17

§6.5 Qualifying Distributions 17

§6.7 Satisfying the Distribution Test 18

Chapter Seven: Excess Business Holdings 19

§7.1 General Rules 19

§7.2 Permitted and Excess Holdings 20

§7.6 Excise Taxes on Excess Holdings 20

Chapter Eight: Jeopardizing Investments 21

§8.1 General Rules 21

§8.3 Program-Related Investments 21

Chapter Nine: Taxable Expenditures 23

§9.2 Political Campaign Activities 23

§9.3 Grants to Individuals 23

§9.4 Grants to Public Charities 23

§9.10 Excise Tax for Taxable Expenditures 24

Chapter Ten: Tax on Investment Income 25

§10.3 Formula for Taxable Income 25

Chapter Eleven: Unrelated Business Income 27

§11.1 General Rules 27

§11.5 Calculating and Reporting the Tax 27

Chapter Twelve: Tax Compliance and Administrative Issues 29

§12.1 Successful Preparation of Form 990-PF 29

§12.3 Compliance Issues 30

Chapter Thirteen: Termination of Foundation Status 33

§13.4 Operation as a Public Charity 33

§13.5 Mergers, Split-Ups, and Transfers Between Foundations 35

Chapter Fifteen: Private Foundations and Public Charities 37

§15.5 Service Provider Organizations 37

§15.7 Supporting Organizations 38

Chapter Seventeen: Corporate Foundations 47

§17.3 Private Inurement Doctrine 47

§17.5 Self-Dealing Rules 47

Chapter Eighteen: Nonprofit Governance and Private Foundations (New) 49

§18.1 State Law Overview 50

§18.2 Board of Directors Basics 54

§18.3 Principles of Fiduciary Responsibility 57

§18.4 Duties of Directors 58

§18.5 Board Composition and Federal Tax Law 59

§18.6 Sources of Nonprofit Governance Principles 61

§18.7 Relevant Nonprofit Governance Issues 89

§18.8 Nonprofit Governance Policies 111

§18.9 Role of IRS in Nonprofit Governance 113

§18.10 Governance Principles and Private Foundations 120

Table of Private Foundation Law Tax Reform Proposals 127

About the Authors 137

About the Online Resources 139

Index 141

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