With more than 50,000 private foundations in the United States and the increasing scrutiny of the IRS, this much needed, annually updated manual provides a wide range of tax rules and regulations for these foundations. Coauthored by a lawyer and tax accountant, the revised and expanded Third Edition includes practical tax compliance suggestions and in-depth legal explanations. Completely revised, the new edition captures all new developments in the private foundations arena. It provides lawyers and accountants for foundations and tax-exempt organizations with line-by-line instructions, sample-filled IRS forms, and complete citations.