Cases
Author: Staff Editors.
Source: Volume 05, Number 05, July/August 2006 , pp.7-8(2)
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Abstract:
Donor-Advised Fund Denied Exemption: New Dynamics Foundation v. United States. The court found that the operation of NDF in supervising its foundations “was characterized at the least by willful neglect, and, more than likely, an active willingness to participate in a scheme designed to produce inappropriate tax benefits.” An earlier decision of the same court, National Foundation, Inc. v. United States (13 Cl. Ct. 486 (1987)), approving tax-exempt status for organizations operating DAFs, was not analogous. What to Do With Endowment Funds After the Charity Is Gone? In a recent Connecticut case, the court was called on to determine what happened to various hospital endowment funds after the hospital had gone out of business. Richard Blumenthal, Attorney General v. State Street Bank & Trust et al.Keywords:
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