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Dec 1, 2007 12:00 PM
Tangled Web
David T. Leibell and Daniel L. Daniels, partners at Wiggin and Dana LLP, in Stamford, Conn., report:
Private Letter Ruling 200734023, issued Aug. 24, 2007, shows how the Internal Revenue Code Section 4941 self-dealing rules apply in a situation involving the liquidation of partnerships in which a private foundation held an interest. The taxpayer sought — and received — a ruling that the liquidation of the three limited partnerships and the pro rata distribution of assets to the partners would not constitute a prohibited act of self-dealing.
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| 2010 Tax Act News | Industry Trends Surveys |
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