August 23, 2007
IRS Seeks to Punish Two Donor-Advised Funds
The Internal Revenue Service has proposed that two large national donor-advised fund operators lose their tax-exempt status because they allegedly have been using some of their funds for donors' personal benefit.
Acting IRS Commissioner Kevin M. Brown, in a letter to Sen. Charles E. Grassley, said the agency has identified more than 200 donors for examination and it is investigating 11 donor-advised funds that "account for a significant portion of the assets and income in the
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