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Abstract: 

No Abatement of §4942 Tax Based on Accountant’s Mistake - In a recent technical advice memorandum, TAM 201129050, the IRS refused to permit abatement of a tax under IRC §4942 on a foundation’s failure tomeet its minimum distribution requirement. The foundation in question operated and maintained two historical properties. Company Foundation Scholarship Program Approved - Lots of business corporations have company foundations, and many of those foundations offer scholarships. But when those two situations overlap tax issues can arise. In PLR201127012, a company foundation proposed to operate a college scholarship plan for children of the employees of three companies.

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