Pima Arizona Form 8282 2021-2025

Pima Arizona Form 8282: What You Should Know

For more information visit S-Corporations This report is not for your personal or family use. You may use this report for personal and family use only. You are a shareholder in a business corporation or joint stock corporation, but you are not an individual owner of the corporation. Furthermore, you are a shareholder of a private foundation if you are its only shareholder or the only owner of a limited liability company. A limited liability company is a business entity organized under federal or state law that has the power to contract among its members and make any lawful contract within the scope of its power to contract with its members, even if the power is not exercised directly by the corporation. This report provides information about the following private foundation activities: • The activities of the corporation or foundation are generally within the limits of the corporation's tax-exempt purpose and are not subject to taxation by the Internal Revenue Service.(1) • The purpose of the private foundation is generally limited to a charitable contribution to qualified entities exempt from taxation under Section 501(c)(3) of the Internal Revenue Code. • The private foundation makes an annual tax-deductible contribution to a qualified entity. You are a shareholder of a private foundation if you are its sole shareholder or the sole owner of a limited liability company at any time since April 9, 1998.(2) The principal business objective of a private foundation is to facilitate the creation and advancement of charitable, educational and scientific institutions, and other similar organizations. The public purpose of the private foundation is to advance a cause to which it can devote substantial resources. The purpose of a private foundation may be to support the arts, sciences, education or similar organizations. As an exception to the general exemption, a private foundation may make charitable contributions for the benefit of the public to qualified organizations that qualify under federal or state law.(3) All federal and state governmental agencies have a policy of requiring all members to contribute, in appropriate proportion to their compensation, to charitable, civic, educational or similar entities. (4) All charitable entities are public charities under the law. Charitable foundations are tax-exempt. For information about private foundations, please visit Charitable Organizations. The Private Foundation Division is responsible for reviewing tax returns to determine whether a private foundation makes donations to individuals or corporations or both. The information reported on Form 8282 may be in error or incomplete.

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