Article Archives >> Ready Reference >> March 2001
Preview of Article:
Terminating Private Foundations May be Tricky
If foundations are going out of business, they may distribute their assets to certain public charities; if they want to continue, they might become publicly supported themselves
Excerpt:
When Congress imposed strict new limitations and requirements on private
foundations in the Tax Reform Act of 1969, it made it more difficult for
such foundations to terminate their charitable exempt status or transfer
their assets to organizations that could avoid significant public scrutiny.
As a result, private foundations seeking to terminate their status or
existence today have to be particularly careful that they comply with
detailed limitations of the Tax Code and regulations.
Article Archives >> Ready Reference >> March 2001
