The Library

The law, the forms and our studies, under one roof.

61 primary sources, 1,066 pages, exactly as the government published them and fingerprinted the day we took our copy. Free to read, search, cite and download.

A reference collection. It describes the law; it does not advise on it. Not investment, legal or tax advice.

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61 documents · 1,066 pages · each a PDF, fingerprinted on retrieval

The statutes

The Internal Revenue Code, as published by the Government Publishing Office.

IRC § 4940: Excise tax on net investment income

The 1.39% tax a private foundation pays on its net investment income each year. 2024 main edition · 5 pages

IRC § 4941: Self-dealing

Transactions between a foundation and its disqualified persons, and the taxes that follow when one occurs. 2024 main edition · 4 pages

IRC § 4942: Taxes on failure to distribute income

The 5% payout rule: the distributable amount, qualifying distributions, carryovers and the tax on what is left undistributed. 2024 main edition · 6 pages

IRC § 4943: Excess business holdings

How much of a business a foundation and its disqualified persons may own together. 2024 main edition · 7 pages

IRC § 4944: Jeopardizing investments

The tax on investments that put a foundation's charitable purpose at risk. 2024 main edition · 2 pages

IRC § 4945: Taxable expenditures

Spending a foundation may not make: lobbying, certain grants to individuals and non-charities without expenditure responsibility. 2024 main edition · 3 pages

IRC § 4946: Disqualified persons

Who counts as a disqualified person: substantial contributors, managers, family members and their entities. 2024 main edition · 3 pages

IRC § 4947: Charitable trusts treated as private foundations

When a non-exempt charitable or split-interest trust is treated as a private foundation. 2024 main edition · 2 pages

IRC § 507: Termination of private foundation status

How a foundation ends its status, and the termination tax. 2024 main edition · 4 pages

IRC § 509: Private foundation defined

What makes an organization a private foundation rather than a public charity. 2024 main edition · 4 pages

IRC § 6033: Returns by exempt organizations

The duty to file annual information returns, including Form 990-PF. 2024 main edition · 7 pages

IRC § 6104: Public inspection of returns

Which exempt-organization returns are open to public inspection, and what they disclose. 2024 main edition · 7 pages

IRC § 6652: Failure to file certain information returns

Penalties for late or incomplete exempt-organization returns. 2024 main edition · 11 pages

IRC § 7216: Disclosure or use of information by preparers of returns

The criminal rule on using or disclosing a client's tax-return information without consent. 2024 main edition · 2 pages

IRC § 6694: Understatement of taxpayer's liability by tax return preparer

Preparer penalties for unreasonable or wilful positions. 2024 main edition · 3 pages

IRC § 6695: Other assessable penalties for tax return preparers

Preparer penalties for failures of signature, identification, copies and due diligence. 2024 main edition · 3 pages

IRC § 6713: Disclosure or use of information by preparers

The civil penalty that accompanies section 7216. 2024 main edition · 2 pages

IRC § 671: Grantor trusts: general rule

When a trust's income is taxed to the grantor or another person treated as owner. 2024 main edition · 2 pages

IRC § 672: Grantor trusts: definitions and rules

Adverse parties, related and subordinate parties, and the spouse rule. 2024 main edition · 3 pages

IRC § 673: Reversionary interests

Grantor-trust status from a reversion worth more than 5%. 2024 main edition · 2 pages

IRC § 674: Power to control beneficial enjoyment

Grantor-trust status from powers over who benefits. 2024 main edition · 2 pages

IRC § 675: Administrative powers

Grantor-trust status from administrative powers, including the power to substitute assets. 2024 main edition · 2 pages

IRC § 676: Power to revoke

Grantor-trust status from a power to revoke. 2024 main edition · 1 page

IRC § 677: Income for benefit of grantor

Grantor-trust status when income may be paid to the grantor or spouse. 2024 main edition · 2 pages

IRC § 678: Person other than grantor treated as owner

When a beneficiary with a withdrawal power is treated as owner. 2024 main edition · 1 page

IRC § 679: Foreign trusts having United States beneficiaries

Grantor-trust status for transfers to foreign trusts with U.S. beneficiaries. 2024 main edition · 4 pages

IRC § 1014: Basis of property acquired from a decedent

The step-up (or down) in basis at death. 2024 main edition · 5 pages

IRC § 1015: Basis of property acquired by gifts and transfers in trust

Carryover basis for gifts. 2024 main edition · 2 pages

IRC § 2010: Unified credit against estate tax

The basic exclusion amount and portability between spouses. 2024 main edition · 3 pages

IRC § 2036: Transfers with retained life estate

Property pulled back into the estate when the decedent kept enjoyment or control. 2024 main edition · 3 pages

IRC § 2038: Revocable transfers

Property included in the estate because of a power to alter, amend or revoke. 2024 main edition · 2 pages

IRC § 2503: Taxable gifts

The annual exclusion and transfers for tuition and medical care. 2024 main edition · 3 pages

IRC § 2631: GST exemption

The generation-skipping transfer tax exemption and its allocation. 2024 main edition · 2 pages

IRC § 2702: Special valuation rules for interests in trusts

Retained-interest rules behind GRATs and qualified personal residence trusts. 2024 main edition · 2 pages

IRC § 6166: Extension of time for estate tax on closely held business

Paying estate tax in instalments when a closely held business is a large part of the estate. 2024 main edition · 8 pages

IRC § 7520: Valuation tables

The rate used to value annuities, life estates and remainders. 2024 main edition · 2 pages

The regulations

Treasury Regulations and the rules of practice before the IRS.

Treasury Regulations, Part 53

Foundation and similar excise taxes: the regulations under sections 4940 to 4948, including the payout rules of § 53.4942(a). Revised as of 1 April 2025 · 273 pages

Treas. Reg. § 301.7216-1

Definitions and the general rule on preparer use and disclosure of tax-return information. Revised as of 1 April 2025 · 4 pages

Treas. Reg. § 301.7216-2

Permitted uses and disclosures that need no client consent. Revised as of 1 April 2025 · 10 pages

Treas. Reg. § 301.7216-3

Uses and disclosures that need the client’s written consent, and the form that consent takes. Revised as of 1 April 2025 · 4 pages

Treasury Department Circular No. 230

Regulations governing practice before the IRS: due diligence, conflicts, written advice and sanctions. Rev. 6-2014 · 44 pages

Forms and instructions

The returns and the IRS's line-by-line instructions.

Form 990-PF

Return of Private Foundation, or Section 4947(a)(1) Trust Treated as Private Foundation. Tax year 2025 · 13 pages

Instructions for Form 990-PF

Line-by-line instructions, including Parts X to XII: the distributable amount, qualifying distributions and undistributed income. Tax year 2025 · 40 pages

Form 4720

Return of certain excise taxes under Chapters 41 and 42: self-dealing, undistributed income and the rest. Tax year 2025 · 10 pages

Instructions for Form 4720

How the Chapter 42 excise taxes are computed and reported. Tax year 2025 · 24 pages

Form 990-T

Exempt Organization Business Income Tax Return: unrelated business income, including debt-financed income. Tax year 2025 · 2 pages

Instructions for Form 990-T

How unrelated business taxable income is computed and reported. Tax year 2025 · 44 pages

Form 8868

Application for an extension of time to file an exempt-organization return. Rev. January 2025 · 2 pages

Instructions for Form 2848

Power of Attorney and Declaration of Representative. Rev. September 2021 · 8 pages

Form 1041

U.S. Income Tax Return for Estates and Trusts. Tax year 2025 · 3 pages

Instructions for Form 1041

How estates and trusts compute and report income, deductions and distributions. Tax year 2025 · 55 pages

Instructions for Form 706

U.S. Estate (and Generation-Skipping Transfer) Tax Return. Rev. July 2026 · 67 pages

Instructions for Form 709

U.S. Gift (and Generation-Skipping Transfer) Tax Return. Tax year 2025 · 24 pages

Publications and guidance

The IRS's own explanations, revenue procedures and bulletins.

Publication 4221-PF

Compliance Guide for 501(c)(3) Private Foundations: the IRS's own plain-language overview of the rules. Rev. 8-2014 · 28 pages

Publication 557

Tax-Exempt Status for Your Organization. Rev. January 2025 · 76 pages

Internal Revenue Bulletin 2013-3 (Rev. Proc. 2013-14)

Contains Rev. Proc. 2013-14: the mandatory format and content of section 7216 consents. Bulletin No. 2013-3, 14 January 2013 · 48 pages

Publication 947

Practice Before the IRS and Power of Attorney. Rev. February 2018 · 17 pages

Publication 559

Survivors, Executors, and Administrators. Tax year 2025 · 52 pages

Publication 561

Determining the Value of Donated Property. Rev. December 2025 · 16 pages

Publication 526

Charitable Contributions. Tax year 2025 · 40 pages

Rev. Proc. 2025-32

Inflation-adjusted amounts for tax year 2026, including the estate and gift exclusion and the annual gift exclusion. Released October 2025, for tax year 2026 · 36 pages

The U.S. Code copies are the 2024 main edition and do not reflect laws enacted since, including Pub. L. 119-21 (4 July 2025); each page links to the current text. Section copies are page extracts and may include neighbouring sections. The government's own publication is always the authority.

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