Few Type III supporting organizations (SOs) are likely to be overjoyed by the new proposed regulations that could soon be governing them. Yet, these anxiously awaited proposed regs1 are significantly better than we might have expected, given some recent, alarming statements made by the Internal Revenue Service.2
Still, one new payout requirement — that Type IIIs distribute at least 5 percent of the value of their non-exempt-use assets annually — may prove to be a
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