Monday, September 10, 2007

Transfers of Assets Between Foundations Deemed Acceptable

The Service today also announced two letter rulings that held that the transfer of assets from one private foundation to another won't result in a section 507(c) termination tax, won't be subject to tax under section 4940, won't constitute section 4941 self-dealing, won't be subject to the section 4944 tax on jeopardizing investments, and won't be a section 4945 taxable expenditure.

Read the full revenue rulings here and here

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