The president of a charitable foundation has taken exception to Senator Charles Grassley's (R-IA) recent call to close out a loophole that he says is exploitative of charitable deductions. The contention centers around the alleged exploitation of supporting organization status in the Internal Revenue Code. The president of the organization noted that any changes to the law should be narrowly tailored so as not to adversely affect organizations with no living donors and/or those that were formed prior to the Tax Act of 1969.
See Marc Hoffman, "Grassley Calls on Treasury to Close Supporting Org Pay-Out Loophole," pgdc.com (Nov. 2, 2011).
See Jason Fisher, "Foundation Takes Exception to Grassley's Characterization of Supporting Organizations," pgdc.com (Nov. 2, 2011).
Posted by Andrew Hodes, Associate Editor, Wealth Strategies Journal.
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