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Abstract: 

In our regular survey of PLRs affecting family foundations, Katherine David reviews rulings that noncompliant scholarship organizations are not entitled to tax exemption; an organization formed to help students of a for-profit art academy cannot claim tax-exempt status; and that the sale of assets owned by a partnership in which a foundation had an interest was not inherently an act of self-dealing. PLRS were also issued granting additional time to two private foundations to dispose of ownership interests in business enterprises, and approving, under the suitability test, a foundation’s set-aside establishing a group home for disabled individuals.

Keywords: PLR 201514015; PLR 201414011; PLR 201510050; PLR 201510055; PLR 20152002

Affiliations:  1: Strasburger & Price, LLP.