How to Successfully Terminate a Foundation Into a Supporting Organization
Author: Staff Editors.
Source: Volume 03, Number 03, March/April 2004 , pp.9-9(1)
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Abstract:
Can a private foundation terminate by transferring its assets to a supporting organization? At one time this was somewhat unclear, but a published revenue ruling last year, Rev. Rul. 2003-13, 2003-4 IRB 305, held specifically that this could be done without incurring the onerous termination tax under IRC ยง 507. Now, in PLR 200351031, the IRS has provided what amounts to a road map for such transactions.Keywords:
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