This document provides an overview of the new section 4966 added to the Internal Revenue Code by Section 1231 of the Pension Protection Act of 2006. It outlines the penalties imposed on sponsoring charities and fund managers for certain distributions made from donor-advised funds, effective for tax years beginning after January 1, 2007. The document details prohibited payments, permissible distributions, and the concept of expenditure responsibility.
documents/EFTA00598168.pdf
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