IRS PLR: Tax Exempt Private Foundation Set-Aside Request Approved (IRC §4942)

The IRS has published a private letter ruling on I.R.C. §4942 regarding a taxpayer’s request for approval of a set-aside to rehabilitate a historic property. The IRS approved the request and stated that the taxpayer must document the approved set-aside in its records and pay the set-aside amount within 60 months, taking into account the set-aside for minimum investment return and adjusted net income calculations for applicable taxable years. [PLR 202523019]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.