Description of Income Tax Provisions Relating to Private Foundations: Scheduled for Hearings Before the Subcommittee on Oversight of the Committee on Ways and Means on June 27, 28, and 30, 1983U.S. Government Printing Office, 1983 - 26 pages |
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Page 5
... Act generally defined private foundations as all chari- table , educational ... fail to qualify under any of these three categories of public charities are ... law rules governing charitable deductions for contributions by individuals to ...
... Act generally defined private foundations as all chari- table , educational ... fail to qualify under any of these three categories of public charities are ... law rules governing charitable deductions for contributions by individuals to ...
Page 7
... act , unless the manager had reasonable cause to excuse participation in the act . This first - level tax on the ... failure to act violating a foundation rule is deemed willful and flagrant if it is " voluntarily , consciously , and ...
... act , unless the manager had reasonable cause to excuse participation in the act . This first - level tax on the ... failure to act violating a foundation rule is deemed willful and flagrant if it is " voluntarily , consciously , and ...
Page 8
... Act for this prohibi- tion on unreasonable income accumulations , the Congress found that the prior - law restriction had been defective in two respects.3 First , the prohibition on unreasonable income accumulations failed to preclude ...
... Act for this prohibi- tion on unreasonable income accumulations , the Congress found that the prior - law restriction had been defective in two respects.3 First , the prohibition on unreasonable income accumulations failed to preclude ...
Page 14
... not be af- fected by the donee's subsequent loss of classification as a ... Act of 1950 , certain charitable organizations ( generally corresponding to ... failure to exercise expenditure responsibility ) . 9Under these guidelines ...
... not be af- fected by the donee's subsequent loss of classification as a ... Act of 1950 , certain charitable organizations ( generally corresponding to ... failure to exercise expenditure responsibility ) . 9Under these guidelines ...
Page 15
... Act of 1969 for the arm's - length standards of prior law , the Con- gress found the previous rules to be defective in several respects.10 First , the Congress concluded that , as a practical matter , prior law had failed to preserve ...
... Act of 1969 for the arm's - length standards of prior law , the Con- gress found the previous rules to be defective in several respects.10 First , the Congress concluded that , as a practical matter , prior law had failed to preserve ...
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Common terms and phrases
1965 Treasury Report 1969 in effect 1969 Tax Reform 50 percent act or failure addition adjusted gross income amount apply arm's-length standards capital-gain property charitable organizations charitable programs charitable purposes combined holdings community foundation Cong Congress concluded contributions to public corporation dation Declaratory Judgment disqualified persons donee organization donor foundation enacted erally exceed excise tax sanctions exempt organization exempt purposes exempt status exercise expenditure responsibility expenditure responsibility requirements Explanation of 1969 foundation managers foundation's governing gross income H.R. Rep imposed Internal Revenue Service jeopardizing investments law Code sec nonexempt trust organiza penalties percentage limitations Present law Code prior law prior-law rules private foun PRIVATE FOUNDATION RULES private foundation status private nonoperating foundations private operating foundations publicly supported organization qualifying distributions Revenue Act section 4942 payout self-dealing transaction Subcommittee substantial contributors supra n.3 Tax Reform Act tax-exempt status taxable tion Treas trusts or funds violation voting stock