April 2014
Intermediate to advanced
176 pages
4h 21m
English
book
Tax Planning and Compliance for Tax-Exempt Organizations, Fifth Edition 2014 Cumulative Supplement
by Jody Blazek
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CHAPTER 14
Self-Dealing: IRC § 4941
§ 14.1 Definition of Self-Dealing
§ 14.2 Sale, Exchange, or Lease of Property
*(c) Furnishing or Use of Property
(a) Donation of Indebted Property
§ 14.7 Sharing Space, People, and Expenses
(a) Can the Foundation Pay for Its Share?
*§ 14.9 Property Held by Fiduciaries
§ 14.10 Issues Once Self-Dealing Occurs
p. 340. Add at end of introductory paragraph:
A charitable organization as defined in § 501(c)(3), including both public charities and private foundations, can be treated as a disqualified person (DP) for self-dealing purposes, but not those that test for public safety.
§ 14.1 Definition of Self-Dealing
(b) Statutory Exceptions
*p. 341. Add to first bullet:
Disqualified persons transferred units of an LLC to a private foundation. The LLC itself is subject to liabilities that amount to less than 2 percent of its fair market value. The liabilities will not be assumed by the PF. The members of the LLC (the DPs), under the laws of the state in which it was created, are not personally liable for the LLC's liabilities, which they did not place on the LLC. The IRS found that the value of the liabilities could be ignored, finding that:
- The liabilities were placed on the LLC by the LLC, not by A or B, and will not be assumed by the PF,
- The liabilities make up less than 2 percent of the LLC's fair market value, and are insignificant in comparison to the ...
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