Treasury Department Report on Private Foundations ... February 2, 19651965 - 110 pages |
Common terms and phrases
33 percent abuses active charitable aggregate amount approximately bequests capital gains charitable contributions charitable deduction charitable organizations class of stock common stock contributed property contributions received controlled property creator distribution dividends donor and related Donor influence 50 earnings estate tax estimate Example existing law Ford Foundation Form foundation's foundations receiving funds gifts gross growth growth stocks holdings income equivalent income tax deduction individuals influence 50 percent influence under 50 interest Internal Revenue Code Internal Revenue Service investment involved Lenox Square less limited loans market net worth market value million number of foundations ordinary income period permitted philanthropic preferred stock present private foundations private nonoperating foundation problems profits prohibition purchase related parties restricted rule schedule section 306 stock securities self-dealing shares small foundations substantial contributor tax laws taxpayers tions total assets Treasury Department recommends Treasury Department Survey trustees Unclassified York Stock Exchange
Popular passages
Page 17 - Sells any substantial part of its securities or other property, for less than an adequate consideration in money or money's worth, to; or (6) Engages in any other transaction which results in a substantial diversion...
Page 71 - C. Harry Kahn, Personal Deductions In the Federal Income Tax, National Bureau of Economic Research.
Page 103 - Which is a religious organization described in section 501 (c) (3); or (2) Which is an educational organization described in section 501(c)(3), if such organization normally maintains a regular faculty and curriculum and normally has a regularly organized body of pupils or students in attendance at the place where its educational activities are regularly carried on...
Page 25 - ... (3) are invested in such a manner as to jeopardize the carrying out of the charitable, educational, or other purpose or function constituting the basis for exemption under section 501 (a) of an organization described in section 501 (c) (3).
Page 103 - ... on income derived (a) from operation of a business enterprise which is unrelated to the purpose for which such organization received an exemption or (b) from certain rentals from property leased to others on a long-term basis. Such income and tax are to be reported on Form 990-T, copies of which may be obtained from the District Director of Internal Revenue. Farm 990-C.—A Farmers...
Page 103 - ... such organization is supported, in whole or in part, by funds contributed by the United States or any State or political subdivision thereof, or is primarily supported by contributions of the general public; or (4) Which is an organization described in section 501 (c) (3) , if such organization is operated, supervised, or controlled by or in connection with a religious organization...
Page 2 - The Department's investigation has revealed that the preponderant number of private foundations perform their functions without tax abuse. However, its study has also produced evidence of serious faults among a minority of such organizations.
Page 103 - ... (3) Which is a charitable organization, or an organization for the prevention of cruelty to children or animals, described in section 501 (c) (3) , if such organization is supported, in whole or in part, by funds contributed by the United States or any State or political subdivision thereof, or is primarily supported by contributions of the general public...
Page 48 - Congress recognized the impropriety and danger inherent in such exploitation of the tax exemption privilege. Concerned with a proliferation of situations in which exempt organizations were purchasing commercial property...