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Penalty Tax Abated on Failure to Exercise Expenditure Responsibility  


Author:  Staff Editors.


Source: Volume 04, Number 03, March/April 2005 , pp.11-12(2)




Family Foundation Advisor

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Abstract: 

In Technical Advice Memorandum 200452037, the IRS concluded that a first-tier tax under IRC ยง 4945 that had been imposed on a private foundation for failing to include required expenditure responsibility reports with its Form 990-PF tax return should be abated.

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