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Transfer of Assets to a Public Charity: Private Foundation Termination, by Lorman

Transfer of Assets to a Public Charity: Private Foundation Termination is brought to you by Lorman

Understand the difference between public and private charities and explain the impacts of that classification.

Many legal and tax practitioners find the tax provisions applicable to foundation terminations opaque and cumbersome. In particular, they find IRC Section 507 provisions difficult to interpret. This topic will help foundation advisors and management personnel understand what is involved in a liquidation of a foundation or public charity and the rules for converting one type of organization to another.

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