Irc section 4942 j 3
Webwithin section 507(d)(2) of this title for purposes of ap-plying this section, see section 3 of Pub. L. 95–170, set out as a note under section 507 of this title. §4942. Taxes on failure to distribute income (a) Initial tax There is hereby imposed on the undistributed income of a private foundation for any taxable Web(c) An organization described in section 4942 (g) (4) (A) (i) or (ii), if paid by a private foundation that is not an operating foundation; (ii) Any amount paid to acquire an asset used (or held for use) directly in carrying out one or more …
Irc section 4942 j 3
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Web(b) Exceptions - (1) In general. The initial excise tax imposed by section 4942(a) shall not apply to the undistributed income of a private foundation: (i) For any taxable year for which it is an operating foundation (as defined in section 4942(j)(3) and the regulations thereunder), or (ii) To the extent that the foundation failed to distribute any amount solely because of … WebIn applying this section with respect to the holdings of any private foundation in a business enterprise, if such foundation and all disqualified persons together have holdings in such enterprise in excess of 20 percent of the voting stock on May 26, 1969, the percentage of such holdings shall be substituted for “20 percent,” and for “35 percent” …
WebPrivate operating foundations, described in sections 4942 (j) (3) or 4942 (j) (5), must complete Part X in order to complete Part XIV. Overview. A private foundation that is not a private operating foundation must pay out, as qualifying distributions, its minimum investment return. WebSection 4942 (j) (3) Private Operating Foundation Your organization has a determination letter from the United States Internal Revenue Service that designates the organization as exempt from federal income tax under section 501 (c) (3).
WebJan 1, 2024 · (1) In general. --In the case of gifts (other than gifts of future interests in property) made to any person by the donor during the calendar year, the first $10,000 of such gifts to such person shall not, for purposes of subsection (a), be included in the total amount of gifts made during such year. WebAlso, contributions to private operating foundations described in Internal Revenue Code section 4942 (j) (3) are deductible by the donors to the extent of 50 percent of the donor’s …
WebFor purposes of section 4942 (j) (3) (A) and (B) (ii), payment of the tax imposed upon a foundation under section 4940 shall be considered a qualifying distribution which is made directly for the active conduct of activities constituting the foundation's charitable, educational, or other similar exempt purpose. (c) Substantially all.
WebFor purposes of section 4942 and the regulations thereunder, the term “operating foundation” means any private foundation which, in addition to satisfying the assets test, the endowment test or the support test set forth in § 53.4942 (b)-2 (a), (b) and (c), makes qualifying distributions (within the meaning of § 53.4942 (a)-3 (a) (2 ... the originals season 1 completeWebThe initial excise tax imposed by section 4942 (a) shall not apply to the undistributed income of a private foundation: ( i) For any taxable year for which it is an operating foundation (as defined in section 4942 (j) (3) and the regulations thereunder), or the originals season 1 ep 1the originals season 1 always and foreverWebInternal Revenue Code Section 170(b)(1)(A)(ii) Charitable, etc., contributions and gifts (a) Allowance of deduction. ... paragraph (3) thereof ), which are treated, after the application of section 4942(g)(3) , as distributions out of corpus (in accordance with section 4942(h) ) in an amount equal to 100 percent of such contributions, and the originals season 1 episode 18Websuch foundation is an operating foundation (as defined in section 4942 (j) (3) ), I.R.C. § 4940 (d) (2) (B) — such foundation has been publicly supported for at least 10 taxable years, I.R.C. § 4940 (d) (2) (C) — at all times during the taxable year, the governing body of such foundation— I.R.C. § 4940 (d) (2) (C) (i) — the originals season 1 episode 14WebJan 1, 2024 · (A) first out of the undistributed income of the immediately preceding taxable year (if the private foundation was subject to the tax imposed by this section for such … the originals season 1 episode 11WebDetermined under Section 514(c)(1), but without regard to the tax year in which the indebtedness was incurred. 3 Treas. Reg. § 53.4942(a) 2(c). 4 Treas. Reg. § 53.4942(a) 2(c)(2). 5 However, a foundation is required to increase its distributable amount to reflect certain income distributions from the originals season 1 episode 17