There are a variety of vehicles through which individuals and families can promote their charitable giving goals, and private foundations are often a leading choice. Simply stated, a private foundation is a type of charitable organization that qualifies for tax-exempt status as an organization described under Section 501(c)(3) of the Internal Revenue Code (the “Code”).
Tax Benefits. Contributions to a private foundation are eligible for a charitable deduction on a donor’s income tax return during life and on an estate tax return at death if the private foundation is recognized by the Internal Revenue Service (“IRS”) as an organization described under Section 501(c)(3) of the Code.
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