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Failure to Exercise Expenditure Responsibility Means No Abatement of Excise Taxes on Grant to Nonexempt Entity  


Author:  Katherine E.  David.


Source: Volume 13, Number 03, March/April 2014 , pp.16-17(2)




Family Foundation Advisor

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Abstract: 

The IRS rules that a private operating foundation was not entitled to abatement of first-tier excise taxes on a taxable expenditure it made by distributing money to a grantee that had not yet obtained tax exempt status.

Keywords: TAM 201351027; IRC §4945; not-for-profit membership entity; IRC §4962; Form 990-PF

Affiliations:  1: Strasburger & Price, LLP.

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