Bruce R. Hopkins, Jody Blazek

The Tax Law of Private Foundations (eBook, ePUB)

2020 Cumulative Supplement

• Format: ePub

Produktbeschreibung

Stay up to date on the most recent regulatory, legislative, and case law developments in the area of private foundations The Tax Law of Private Foundations: 2020 Cumulative Supplement, 5th Edition delivers regulatory, legislative, and common law updates from 2020 to executives and supporting professionals seeking to navigate the complex web of federal tax law governing the administration and use of private foundations. In the Supplement, readers will find guidance on the most recent iterations of relevant laws, commentary on the most recent cases, and practice advice respecting the most recent regulations in the field of private foundations. This edition of the Supplement is especially crucial given recent amendments and changes to critical legislation.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 208
• Erscheinungstermin: 16. Oktober 2020
• Englisch
• ISBN-13: 9781119759065
• Artikelnr.: 60477107

Autorenporträt

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.

Inhaltsangabe

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

1.7 Operating for Charitable Purposes 1

1.9 Private Foundation Sanctions 2

1.10 Statistical Profile 9

2 Starting, Funding, and Governing a Private Foundation 11

2.1 Choice of Organizational Form 11

2.5 Acquiring Recognition of Tax-Exempt Status 11

2.6 Special Requirements for Charitable Organizations 12

2.7 When to Report Back to the IRS 12

3 Types of Private Foundations 15

3.1 Private Operating Foundations 15

3.3 Conduit Foundations 16

3.9 Foreign Private Foundations 16

4 Disqualified Persons 17

4.1 Substantial Contributors 17

4.2 Foundation Managers 17

4.3 Certain 20 Percent Owners 17

4.4 Family Members 18

5 Self-Dealing 19

5.1 Private Inurement Doctrine 19

5.2 Private Benefit Doctrine 20

5.3 Definition of Self-Dealing 22

5.3A Excess Compensation Tax 23

5.4 Sale, Exchange, Lease, or Furnishing of Property 28

5.5 Loans and Other Extensions of Credit 29

5.6 Payment of Compensation 30

5.8 Uses of Income or Assets by Disqualified Persons 30

5.11 Indirect Self-Dealing 32

5.12 Property Held by Fiduciaries 40

5.14 Additional Exceptions 48

5.15 Issues Once Self-Dealing Occurs 48

6 Mandatory Distributions 55

6.1 Distribution Requirements--in General 55

6.2 Assets Used to Calculate Minimum Investment Return 55

6.5 Qualifying Distributions 56

7 Excess Business Holdings 57

7.1 General Rules 57

7.2 Permitted and Excess Holdings 59

7.3 Functionally Related Businesses 60

8 Jeopardizing Investments 61

8.2 Prudent Investments 61

8.3 Program-Related Investments 61

9 Taxable Expenditures 63

9.1 Legislative Activities 63

9.2 Political Campaign Activities 64

9.3 Grants to Individuals 64

9.5A Funding of Employee Hardship Programs 67

9.6 Grants to Foreign Organizations 73

9.9 Spending for Noncharitable Purposes 73

9.10A Distributions to Group Exemption Organizations 74

9.11 Excise Tax for Taxable Expenditures 76

10 Tax on Investment Income 77

10.1 Rate of Tax 77

10.3 Formula for Taxable Income 77

10.5 Foreign Foundations 78

11 Unrelated Business Activity 79

11.2 Exceptions 79

11.3 Rules Specifically Applicable to Private Foundations 80

11.4 Unrelated Debt-Financed Income Rules 80

11.5 Calculating and Reporting the Tax 81

12 Tax Compliance and Administrative Issues 89

13 Termination of Foundation Status 91

13.1 Voluntary Termination 91

13.3 Transfer of Assets to a Public Charity 91

13.4 Operation as a Public Charity 91

13.6 Termination Tax 91

14 Charitable Giving Rules 93

14.1 Concept of Gift 93

14.2 Basic Rules 94

14.4 Deductibility of Gifts to Foundations 94

14.5 Qualified Appreciated Stock Rule 94

14.9 Administrative Considerations 95

15 Private Foundations and Public Charities 101

15.2 Evolution of Law of Private Foundations 101

15.3 Organizations with Inherently Public Activ