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Abstract: 

The last months of the year are an important time for both calendar-year private foundations and philanthropists. Foundations must make their minimum distributions by December 31 in order to avoid the IRC §4942 excise tax on undistributed income. Individual donors must make their charitable contributions before year-end in order to claim an IRC §170 charitable contribution deduction for the current year. In the rush to meet the year-end deadline, private foundations and donors should take care to avoid some common pitfalls.

Keywords: domestic public charities; excess business holdings; unrelated business income; deduction limits; gifts of property and self-dealing; Pease limitations

Affiliations:  1: Strasburger & Price, LLP.