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Bloomberg BNA Quotes Suzanne McDowell on Trump Foundation Tax Issues

December 29, 2016

Bloomberg BNA quoted Suzanne McDowell in an article titled “Trump Must End Foundation Properly or Face Tax.”  The article, published December 28, discusses President-elect Donald Trump’s plans to dissolve his private foundation.  The Trump Foundation acknowledged on its 2015 tax filing that it had violated the IRS's prohibition against “self-dealing” in 2015 and previous years.  The provision says that nonprofit owners can't use their charity funds to help themselves, their families or their businesses.

Ms. McDowell says that to terminate his foundation, Trump will have to take care of his self-dealing issues.  “Dissolving the foundation would not relieve the disqualified person who engaged in self-dealing of liability for excise taxes or of the requirement to correct the self-dealing transaction.”

The full article can be read at Bloomberg BNA (subscription required).