With more than 80,000 private foundations in the United States and the increasing scrutiny of the IRS, this essential supplement provides you with an extensive analysis of the tax regulations and other law for foundations. Written by two of the country's leading legal authorities on private foundations, this revised and expanded edition is the essential guide on tax law and compliance. It covers everything from organizing and applying for tax-exempt status and managing mandatory distribution to reporting annually to the IRS and winding up a foundation's affairs