Source: http://www.pgdc.com/pgdc/comments-requested-study-donor-advised-funds-and-supporting-orgs
Timestamp: 2018-03-24 02:22:00
Document Index: 167126745

Matched Legal Cases: ['§ 4958', '§ 4958', '§ 4958', '§ 1241', '§ 4943', '§ 509', '§ 4966', '§ 4966', '§ 4967', '§ 4958', '§ 4943']

Comments Requested for Study on Donor Advised Funds and Supporting Orgs | Planned Giving Design Center
Comments Requested for Study on Donor Advised Funds and Supporting Orgs
News story posted in IRS Notices by Marc Hoffman on 7 February 2007| comments
The IRS has requested comments in connection with a study it is conducting on the organization and operation of donor-advised funds and supporting organizations as required by the Pension Protection Act of 2006.
Notice 2007-21; 2007-9 IRB 1
The new rules affecting supporting organizations include: excise taxes on certain payments to a substantial contributor or a related person and on the entire amount of any loan to a disqualified person (§ 4958(c)(3)); the extension of § 4958 to transactions between a supported organization and a person who is a disqualified person of a supporting organization (§ 4958(f)); a grant of regulatory authority to adopt a new payout requirement for certain Type III supporting organizations (PPA § 1241(d)); limits on the permitted business holdings of certain supporting organizations (§ 4943(f)); organizational and operational requirements (§ 509(f)); and reporting requirements (?? 6033(a)(3)(B) and 6033(l)). In addition, new rules apply to certain private foundations that make grants to certain supporting organizations (?? 4942(g)(4) and 4945(d)(4)(A)).
The new rules affecting donor advised funds include: definitions of the terms "sponsoring organization" and "donor advised fund" (§ 4966(d)); excise taxes on certain taxable distributions from a donor advised fund (§ 4966(c)); excises taxes on donors, advisors, or related persons who receive certain benefits as a result of a distribution from a donor advised fund (or who advise as to such a distribution) (§ 4967); excise taxes on payments from a donor advised fund to any donor, advisor, or a related person (?? 4958(c)(2) and 4958(f)(1)(E)); the extension of § 4958 to transactions between the sponsoring organization and certain investment advisors or related persons (?? 4958(f)(1)(F) and 4958(f)(8)); limits on permitted business holdings (§ 4943(e)); substantiation requirements (?? 170(f)(18), 2055(e)(5) and 2522(c)(5)); and reporting and disclosure requirements for sponsoring organizations (?? 508(f) and 6033(k)).
1 Joint Committee on Taxation, Technical Explanation of H.R. 4, The "Pension Protection Act of 2006," as Passed by the House on July 28, 2006 and as Considered by the Senate on August 3, 2006, (JCX-38-06), August 3, 2006, at 333.