Do Private Foundations Work Best in Trust or Corporation Form? How to Choose the Right Fit
Author: Kenneth A. Goldstein.
Source: Volume 12, Number 03, March/April 2013 , pp.3-6(4)
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Abstract:
With the increase in the number of private foundations that are being organized, donors and their advisors continue to focus on the complicated self-dealing and income tax deductibility rules. Although these rules are important and should be given much attention, donors and their advisors should not overlook another critical question: What is the appropriate legal entity to use in forming a particular private foundation?Keywords: not-for-profit; filing of the articles of incorporation; formalities; flexibility; cy pres doctrine; charitable purpose; mission drift; In re Barnes Foundation; Uniform Prudent Investor Rule; IRC ยง170(c)(2)
Affiliations:
1: Horwood Marcus & Berk Chartered.