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IRS Updates Applicable Federal Rates for September 2014

Wednesday, August 20, 2014

The IRS has announced the Applicable Federal Rates for September 2014, including the Section 7520 rate of 2.2%.

Court Grants Cy Pres to Dismantle Corcoran

Wednesday, August 20, 2014

This week, a local court in the District of Columbia granted the petition of the trustees of the Corcoran Gallery of Art to allow them to transfer its assets to the National Gallery and George Washington University.

Revocations and Rejections

Tuesday, August 19, 2014

Among this week's release of private letter rulings were five rejection letters, numbered PLRs 201433016 through 201433020.

Strategy to Dilute Excess Holdings Fails

Monday, August 18, 2014


In four related rulings, PLRs 201433021 through PLR 201433024, the Service held a plan to distribute closely held stock to a number of private foundations by way of annuity distributions from several testamentary CLATs, would not avoid the problem of excess business holdings.

Two Scholarship Exception Rulings

Monday, August 18, 2014

In two unrelated rulings, PLRs 201433025 and 201433026, the Service determined a private foundation's proposed grants to individuals would fall within the scholarship exception to the general prohibition against taxable expenditures.

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