April 2024
Intermediate to advanced
112 pages
2h 59m
English
book
Tax Planning and Compliance for Tax-Exempt Organizations, 2024 Cumulative Supplement, 6th Edition
by Jody Blazek
Content preview from Tax Planning and Compliance for Tax-Exempt Organizations, 2024 Cumulative Supplement, 6th Edition
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CHAPTER 12Private Foundations—General Concepts
§ 12.1 Why Private Foundations Are Special
EXHIBIT 12.1 Private Foundation Excise Taxes
| Excise Tax | Common Name | Reported on Form | Tax Imposed On | 1st Tier Tax | 2nd Tier Tax | 3rd Tier Tax | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Private Foundation | Others | Rate | Comment/Description | Rate | Comment/Description | Rate | Comment/Description | |||
| Section 4940 | Excise Tax on Domestic Foundation Net Investment Income | Form 990‐PF | X | N/A | 1.39% | Not a penalty tax ‐ Assessed on the net investment income of operating and non‐operating private foundations annually. Reported on Form 990‐PF | N/A | N/A | N/A | N/A |
| Section 4941 | Self‐Dealing | Form 4720 | No tax liability but must file the Form | N/A | Must report the act of self‐dealing on a separately e‐filed Form 4720 from the disqualified person(s) and/or manager(s) | N/A | N/A | N/A | N/A | |
| Form 4720 | Disqualified Person(1) | 10% | Of the “amount involved” for each type of self‐dealing transaction, for each year the transaction remailed outstanding until it is corrected. | 200% | If not corrected | 100% of PF assets or the aggregate tax benefits resulting from section 501(c)(3) status | Any of the penalty taxes under chapter 42 IRC sections 4941 ‐ 4945, if repeated and willful acts or failures to act, may result in the IRS revoking the private foundation's status. This can trigger the termination ... | |||
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