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Abstract: 

Paying careful attention to the rules and regulations around private foundations and self-dealing is becoming more important than ever before. Because the self-dealing rules are often misunderstood by both foundations and disqualified persons, foundations that believe they are operating within the rules often aren’t. The IRS has announced that private foundation audits will be part of its work plan for the coming year. Because of the confusion about, and the substantial penalties for, self-dealing, it is likely to become one of the most fruitful areas in IRS audits of private foundations.

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Affiliations:  1: Clark Nuber.