The Legal Answer Book For Private Foundations

The Legal Answer Book for Private Foundations

A must-have guide that enables managers and trustees of privatefoundations, as well as their lawyers and accountants, tosuccessfully navigate today's increasingly complex tax laws andreporting requirementsPrivate foundations are the most regulated of nonprofitorganizations. Burdened with laws written over thirty years ago,which have become more complex and intricate, private foundationsare forced to operate in a harsh legal environment. An operationalor reporting mistake, no matter how innocent or inadvertent, canlead to immense tax and other penalties.To reap the charitable, tax, and other economic advantages ofprivate foundations while avoiding the perils lurking in the myriadof tax-law traps, you must be fully informed about the basic legalrequirements and the many subtleties and current developmentsaffecting private foundations.Written by two of today's leading authorities on the lawsregulating private foundations, The Legal Answer Book for PrivateFoundations provides this critical information in an efficient andcomprehensible fashion. In clear, easy-to-understand language, theauthors provide expert guidance on everything from how to set up aprivate foundation to how assets are invested, how funds aredistributed to grantees, and how to avoid self-dealing.You'll find answers to such critical questions as:* What are the legal definitions of private foundation and publiccharity, and what constitutes a disqualified person? * Just what are the private foundation rules and what are thepenalties for violating them?* What assets are involved in the calculations of the mandatorypayout requirement?* How are self-dealing rules avoided?* What is an excess business holding?* Do foundations have to file annual returns with the IRS?* What are the alternatives to private foundations?With the increasing opportunities for the establishment of privatefoundations, The Legal Answer Book for Private Foundations is aninvaluable resource that is mandatory reading for anyonecontemplating creation of a foundation or managing or advising anexisting foundation.