Madoff Issues for Private Foundations
Author: Staff Editors.
Source: Volume 08, Number 04, May/June 2009 , pp.3-4(2)
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Abstract:
A New York Times article on February 11, 2009, reported that the IRS might be able to seek penalties under the jeopardy investment rules of IRC ยง4944 for private foundations that had lost money in the Madoff debacle. That article reported that there were at least 147 private foundations on the Madoff customer list. Some of these lost everything, and the amounts were staggering.Keywords:
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