President Biden’s budget proposes to limit the loophole in the current tax law that allows a private non-operating foundation to get credit towards its minimum distribution requirement by making a grant to a donor advised fund. The grant would qualify only if the DAF regranted the funds by the end of the following tax year.
A release of liability provision set out in bold font in a housing license agreement and a waiver and indemnity provision set out in a different color in an obligations of membership agreement signed by a sorority student are grounds to dismiss the student’s claim for damages due to mold in her bedroom. The Federal District Court in Kansas has dismissed the student’s claims against the Delta Delta Delta sorority at the University of Kansas.
Congress may have appropriated more funds to help the IRS keep up with its growing workload but has continued its gag rule against setting general standards for 501(c)(4) social welfare organizations.
The Consolidated Appropriations Act, 2022, passed on March 9 and expected to be signed by President Biden, contains the following language in Div. E, Title 1, section 123 (on page 498):
A trial court in New York has dismissed a complaint brought by New York Attorney General Letitia James seeking to dissolve the National Rifle Association for its failure to oversee top executives and prevent the loss of millions of dollars improperly spent by its leaders. But the Court has allowed the AG to continue to prosecute various claims against the individual defendants for breach of fiduciary duty and other offenses.
