FlaRiptide
New Member
A Foundation reported a total assets exceeding one million in 2006. This included sellable assets of over $850,000. The liabilities included loans to officers and others. No activity was recorded in 2007 or 2008 and no 990 was filed. The Chairman / CEO passed away in January 2008. The Foundation's "true" worth is presently zero, though no final 990 return has been completed.
If the other directors (friends and family of the CEO) do not comply with closing the Foundation who then would have the burden of doing so?
My concern is in regards to the $850,000 in assets which probably at some point was removed from the Foundation and filtered back to the C.E.O..
The executor of the C.E.O.'s probate (a relative) does not include this amount in the probate assets, and thus it has "disappeared".
I would think the IRS would be interested in this since assets were disposed of without recognition of revenue and filing of a return. Ultimately who would be the one the Finger would be pointed at? Would the probate executor be held legally responsible?
If the other directors (friends and family of the CEO) do not comply with closing the Foundation who then would have the burden of doing so?
My concern is in regards to the $850,000 in assets which probably at some point was removed from the Foundation and filtered back to the C.E.O..
The executor of the C.E.O.'s probate (a relative) does not include this amount in the probate assets, and thus it has "disappeared".
I would think the IRS would be interested in this since assets were disposed of without recognition of revenue and filing of a return. Ultimately who would be the one the Finger would be pointed at? Would the probate executor be held legally responsible?