The Tax Law of Private Foundations, + website

2019 Cumulative Supplement

Bruce R. Hopkins, Jody Blazek

• Publisher: Wiley
• Year: 2019
• ISBN:
  9781119614494
• Edition: 5
• Topic: Business
• Subtopic: Nonprofit Organizations & Charities
• Index: Business

Make sense of the new regulatory requirements with expert clarification and practical tools for compliance - updated through 2019 Private Foundations: Tax Law and Compliance, 5th Edition provides clarification, expert insight, and helpful instruction for executives and supporting professionals navigating extensive federal tax law requirements. This 2019 Cumulative Supplement captures the latest regulatory developments for easy reference. Despite their relatively low numbers, private foundations are subject to complex, burdensome regulations that continue to expand. This book summarizes and clarifies the statutory regulations governing private foundations, offers expert insight into the underlying logic, and provides a host of practical tools that ease the filing process and help ensure compliance with the latest laws.

CHAPTER ONE
Introduction to Private Foundations

1. § 1.1 Private Foundations: Unique Organizations
2. § 1.2 Definition of Private Foundation
3. § 1.9 Private Foundation Sanctions
4. § 1.10 Statistical Profile

§ 1.1 PRIVATE FOUNDATIONS: UNIQUE ORGANIZATIONS

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over 1.5 million¹

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§ 1.2 DEFINITION OF PRIVATE FOUNDATION

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; IRS Revenue Procedure (Rev. Proc.) 2019-5, 2019-1 I.R.B. 230, § 7.03.

§ 1.9 PRIVATE FOUNDATION SANCTIONS

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Reg. § 53.6011-1(b). See § 12.3(d). This return is also used in connection with excise taxes imposed in the donor-advised fund context (see § 16.9, text accompanied by notes 96–105).

§ 1.10 STATISTICAL PROFILE

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According to the Foundation Center's data for 2015, the assets of private foundations in the United States totaled $860 billion and qualifying distributions totaled $62.8 billion.

NOTE

1. 1 The IRS Data Book, 2018 (Pub. 55B) informs that there are, as of the federal government's fiscal year 2018, 1,327,714 recognized charitable and like organizations in the United States, plus 115,778 nonexempt charitable trusts and split-interest trusts and 216 apostolic entities. This number of charitable organizations does not include religious organizations that are not required to seek recognition of tax exemption or entities covered by a group exemption.

CHAPTER TWO
Starting, Funding, and Governing a Private Foundation

1. § 2.1 Choice of Organizational Form
2. § 2.5 Acquiring Recognition of Tax-Exempt Status
   1. (a) Preparation of Form 1023
   2. (b) Suggestions for Foundation-Sensitive Parts
   3. (c) Form 1023-EZ
   4. (d) Recognition Application Procedure and Issuance of Determination Letters
3. § 2.6 Special Requirements for Charitable Organizations
4. § 2.7 When to Report Back to the IRS
   1. (a) When Should a Ruling Be Requested?
   2. (b) Changes in Tax Methods

§ 2.1 CHOICE OF ORGANIZATIONAL FORM

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