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Private Foundations: Tax Law and Compliance 2013 Cumulative Supplement, 3rd Edition

ISBN: 978-1-118-36309-6
268 pages
November 2012
Private Foundations: Tax Law and Compliance 2013 Cumulative Supplement, 3rd Edition (1118363094) cover image
The much-needed, annually updated treatice containing a summary of the federal tax rules applicable to private foundations

With more than 80,000 private foundations in the United States and the increasing scrutiny of the IRS, this essential supplement provides you with an extensive analysis of the tax regulations and other law for foundations. Written by two of the country's leading legal authorities on private foundations, this revised and expanded edition includes practical tax compliance suggestions and in-depth legal explanations.

  • Covers everything from organizing and applying for tax-exempt status and managing mandatory distribution to reporting annually to the IRS and winding up a foundation's affairs
  • Builds logically from fundamental concepts and explanations to more complex organizational and legal issues
  • Other titles by Bruce R. Hopkins: The Law of Tax-Exempt Organizations, Tenth Edition, The Law of Fundraising, Fourth Edition, and many more
  • Other titles by Jody Blazek: Tax Planning and Compliance for Tax-Exempt Organizations Fifth Edition, Revised Form 990, IRS Form 1023 Preparation Guide, and Nonprofit Financial Planning Made Easy

Capturing all-new developments in the private foundations arena, this edition and new cumulative supplement presents you with line-by-line instructions, sample-filled IRS forms, and complete citations.

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About the Authors v

List of Exhibits xi

Book Citations xiii

Preface xv

Chapter One: Introduction to Private Foundations 1

§1.1 Private Foundations: Unique Organizations 1

§1.3 History and Background 1

§1.8 Private Foundation Sanctions 2

Chapter Two: Starting and Funding a Private Foundation 3

§2.5 Acquiring Tax-Exempt Status 3

§2.6 Special Requirements for Charitable Organizations 6

§2.7 When to Report Back to the IRS 6

Chapter Four: Disqualified Persons 7

§4.1 Substantial Contributors 7

§4.2 Foundation Managers 7

§4.5 Corporations or Partnerships 7

§4.9 Terminating Disqualified Person Status (New) 7

Chapter Five: Self-Dealing 11

§5.2 Private Benefit Doctrine 11

§5.4 Sale, Exchange, Lease, or Furnishing of Property 11

§5.5 Loans and Other Extensions of Credit 13

§5.6 Payment of Compensation 13

§5.7 Indemnification and Insurance 17

§5.8 Uses of Income or Assets by Disqualified Persons 17

§5.11 Indirect Self-Dealing 18

§5.12 Property Held by Fiduciaries 20

Chapter Six: Mandatory Distributions 21

§6.3 Measuring Fair Market Value 21

§6.4 Distribution Amount 25

§6.5 Qualifying Distributions 25

§6.7 Satisfying the Distribution Test 28

Chapter Seven: Excess Business Holdings 29

§7.1 General Rules 29

§7.3 Functionally Related Businesses 29

Chapter Eight: Jeopardizing Investments 31

§8.3 Program-Related Investments 31

§8.3A Investment Frauds (New) 32

Chapter Nine: Taxable Expenditures 37

§9.2 Political Campaign Activities 37

§9.3 Grants to Individuals 37

§9.4 Grants to Public Charities 41

§9.6 Expenditure Responsibility 46

§9.10 Excise Tax for Taxable Expenditures 47

Chapter Ten: Tax on Investment Income 49

§10.2 Reducing the Excise Tax 49

§10.3 Formula for Taxable Income 50

§10.4 Reductions to Gross Investment Income 53

§10.5 Foreign Foundations 55

§10.7 Legislative Proposal (New) 56

Chapter Eleven: Unrelated Business Income 57

§11.3 Rules Specifically Applicable to Private Foundations 57

§11.4 Unrelated Debt-Financed Income 60

§11.5 Calculating and Reporting the Tax 60

Chapter Twelve: Tax Compliance and Administrative Issues 65

§12.1 Successful Preparation of Form 990-PF 65

§12.2 Reports Unique to Private Foundations 66

§12.3 Compliance Issues 68

Chapter Thirteen: Termination of Foundation Status 91

§13.1 Voluntary Termination 91

§13.3 Transfer of Assets to a Public Charity 91

§13.5 Mergers, Split-ups, and Transfers between Foundations 92

Chapter Fifteen: Private Foundations and Public Charities 95

§15.2 Evolution of Law of Private Foundations 95

§15.4 Publicly Supported Organizations—Donative Entities 96

§15.5 Service Provider Organizations 100

§15.7 Supporting Organizations 101

§15.8 Change of Public Charity Category 110

Chapter Sixteen: Donor-Advised Funds 113

§16.9 Statutory Criteria 113

§16.10 Congressional Research Service Study 113

Chapter Seventeen: Corporate Foundations (New) 117

§17.1 Corporate Foundation Overview 117

§17.2 Reasons for Establishment of Corporate Foundation 118

§17.3 Private Inurement Doctrine 119

§17.4 Disqualified Persons Rules 119

§17.5 Self-Dealing Rules 120

§17.6 Other Private Foundations Rules 127

Chapter Eighteeen: Nonprofit Governance and Private Foundations (New) 131

§18.1 State Law Overview 132

§18.2 Board of Directors Basics 136

§18.3 Principles of Fiduciary Responsibility 139

§18.4 Duties of Directors 140

§18.5 Board Composition and Federal Tax Law 142

§18.6 Sources of Nonprofit Governance Principles 143

§18.7 Relevant Nonprofit Governance Issues 171

§18.8 Nonprofit Governance Policies 195

§18.9 Role of IRS in Nonprofit Governance 196

§18.10 Governance Principles and Private Foundations 204

Appendix A: Sources of the Law 211

Cumulative Table of Cases 213

Cumulative Table of IRS Revenue Rulings and Revenue Procedures 217

Cumulative Table of IRS Private Determinations Cited in Text 221

Cumulative Table of IRS Private Determinations Discussed in Bruce R. Hopkins’ Nonprofit Counsel 227

Cumulative Table of IRS Private Letter Rulings, Technical Advice Memoranda, and General Counsel Memoranda 231

Cumulative Index 249

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