Leff

The professor and specialist in nonprofit law and philanthropy talks to Michael E. Hartmann about whether private foundations got a better or worse bargain in the 1969 Tax Reform Act than donor-advised funds (DAFs) got in the 2006 Pension Protection Act, the benefits of “bright-line” rules in the context of the public-support test loophole specifically, but also others in philanthropy and nonprofitdom, and the “low-hanging fruit” of closing DAFs’ public-support test loophole compared to other contemplated reforms.

The professor and specialist in nonprofit law and philanthropy talks to Michael E. Hartmann about the history and purpose of the public-support test, the “Grand Bargain” of the 1969 Tax Reform Act and the “new bargain” of the 2006 Pension Protection Act, and potential explanations for the use of donor-advised funds to avoid the test and its ramifications.