April 2020
Intermediate to advanced
944 pages
33h 53m
English
Content preview from Tax Planning and Compliance for Tax-Exempt Organizations, 6th Edition
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CHAPTER 13Excise Tax Based on Investment Income: IRC §4940
To pay the cost of “extensive and vigorous” enforcement of sanctions imposed on privately funded charities, Congress, in 1969, adopted a tax on private foundation investment income. Congress thought that foundations should continue to be exempt from income tax, so the tax was enacted as an excise tax rather than the normal income tax imposed by Internal Revenue Code (IRC) §1. The term gross investment income means the gross amount of income from interest, dividends, rents, payments with respect to securities loans, and royalties, but does not include any income to the extent included in computing ...
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