EO Update February 7, 2007
Issue Number: Issue 2007-4
Inside This Issue
Donor Advised Funds and Supporting Organizations
Definition of "Party" and Allocation of Net Income or Proceeds for Purposes of Section 4965
Refund for Federal Telephone Excise Tax Paid
1. Donor Advised Funds and Supporting Organizations
Notice 2007-21 requests public comments in connection with a study on the organization and operation of donor advised funds and supporting organizations. Comments must be submitted by April 9, 2007.
2. Definition of "Party" and Allocation of Net Income or Proceeds for Purposes of Section 4965
Notice 2007-18 provides guidance under section 4965 of the Internal Revenue Code to tax-exempt entities that may be parties to prohibited tax shelter transactions.
3. Group Exemptions
A new publication describing the rules and procedures for group exemptions is available.
4. Refund for Federal Telephone Excise Tax Paid
This refund may be requested by attaching Form 8913 (Credit for Federal Telephone Excise Tax Paid) to Form 990-T (Exempt Organization Business Income Tax Return). The Form 990-T instructions illustrate how to complete the form when it is filed only to request this credit. Forms and instructions are available on-line.