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The Private Foundation-The basic rules, requirements, and features of the private foundation. irs website 2002 tax tables. Law Office of Robert DoucetteIntroductionThe private independent foundation (not the private operating foundation), as qualified under Section501(c)(3) of the Internal Revenue Code, has the most restrictive rules of all of the five different organizations that can be qualified under this section of the code. Many of the rules apply only to the private foundation. Also, the rules as to the deductions for income tax purposes are different when a contribution is made to the private foundation as compared to a public charity under the other four types of organizations allowed under 501(c)(3) of the code. irs website Real-estate-taxes. It should be noted, however, that all bequests and gifts made through an estate are one hundred (100%) percent deductible from the federal estate tax whether made to a private foundation or one of the other four classifications of charities under Section501(c)(3). For more information see the summary of types of charitable organizations. QUESTION: What is a private foundation?ANSWER: The private foundation is a personal charity- organized as a trust- - - or as a corporation- by an individual- - - or by a family- - - or by a business. irs website Irs website. QUESTION: What does a private foundation do?ANSWER: The private foundation first determines what charitable goals it wishes to accomplish- - - a charitable agency is selected to carry-out these goals - - - the foundation provides money and support - - - and monitors the results. QUESTION: Why would an individual or family form a private foundation?ANSWER:1. To focus charitable giving in certain specified areas. 2. To involve family members now in charitable giving. 3. To accomplish charitable goals that family members truly believe in. 4. To monitor the results of personal charitable giving. 5. To recognize that part of life should include sharing wealth. 6. To gain the income and estate tax benefits. QUESTION: Why would a business form its own private foundation?ANSWER:1. To organize the charitable giving of the corporation to accomplish set goals. 2. To assist those less fortunate. 3. To give back something to the community in which it prospers. 4. To gain the favorable advantages in the community. 5.
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