The team at Dodson Parker Behm & Capparella, PC shares updates and thoughts on developments in the law.

Avoiding Private Foundation 507(c) Termination Tax Means Less Pain for the Gain

Becky Farr Seidel of the Leaffer Law Group wrote a great piece recently for Bloomberg BNA’s Estates, Gifts and Trusts Journal addressing issues in terminating private foundations.  Here are some salient points, and you can read the entire article here. Unlike other 501(c)(3) entities, private foundations are subject to additional stringent regulations under Chapter 42 of the Code.  For that...

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Guidance Issued for Private Foundations with Foreign Grantees

New guidance for private foundations from the IRS addresses treatment of foreign grantees.  The groups may wish to treat grants to foreign grantees as qualifying distributions that satisfy the minimum distribution requirements rather than as expenditures requiring expenditure responsibility. If a private foundation makes a “good faith determination” that a foreign grantee qualifies as a...

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