NYSBA Requests Guidance from IRS

Peter Blessing, Chair of the Tax Section of the New York State Bar Association, has submitted a letter on behalf of the section to the IRS requesting guidance on several issues during the 2010-2011 guidance plan year.  The full letter is available on Tax Notes Today at 2010 TNT 125-24.  The following matters for which guidance is requested pertain to exempt organizations:

(1) What constitutes a “functionally unrelated business” under Code section 4943;
(2) Guidance on private foundation issues for investors in Ponzi schemes (NYSBA Tax Section Report No. 1183); and
(3) Guidance concerning whether a disregarded entity owned by a charity is disregarded for all exempt organization purposes (e.g., is a donation to a domestic or foreign DE subsidiary of a US charity tax deductible?).

JRB