Sec. 5202. Modification of taxes on self-dealing
138 words·~1 min read·
/bill/113/hr/1/ih/section-5202A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subsection
(a)of section 4941 is amended by adding at the end the following new paragraph: In any case in which a tax is imposed by paragraph (1), there is hereby imposed on the foundation a tax equal to 2.5 percent (10 percent in the case payment of compensation) of the amount involved with respect to the act of self-dealing for each year (or part thereof) in the taxable period. . Section 4941 is amended by adding at the end the following new subsection: A foundation manager’s reliance on a written legal opinion by legal counsel that an act is not an act of self-dealing shall not, by itself, preclude the manager from being treated as participating in the act knowingly. . The amendments made by this section shall apply to taxable years beginning after December 31, 2014.