Oil and Gas Venture Not a Jeopardy Investment
Author: Staff Editors.
Source: Volume 05, Number 06, September/October 2006 , pp.15-15(1)
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Abstract:
One of the least understood rules governing private foundations is the penalty tax under IRC §4944 on investments that jeopardize the foundation’s carrying out of any of its exempt purposes. A recent private letter ruling, PLR 200621032, held that the foundation’s receipt of a 1% working interest in an oil and gas and related pipeline investment would not incur this penalty.Keywords:
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