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Dec 1, 2005 12:00 PM
CHARITABLE GIVING
From David T. Leibell and Daniel L. Daniels of Cummings & Lockwood LLC, in Stamford, Conn. we have this update:
- IRS permits funds set-aside by a private foundation to be treated as qualifying distributions
The Tax Reform Act of 1969 put in place myriad requirements regarding how a private foundation can and cannot operate. The purpose of these requirements was to limit perceived abuses engaged in by foundations and their donors. One of the abuses that Congress was worried about was that some foundations were making little or no distributions for charitable purposes. As a result, the 1969 act introduced Internal Revenue Code Section 4942, which requires a private foundation to distribute, each year, an amount equal to roughly 5 percent of the average fair market value of the foundation's investment assets to other charitable organizations or directly for charitable purposes.
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
E-Newsletter Signup
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