* Rep. Amo Houghton, a New York Republican, is the next chairman of the House Oversight Subcommittee of the House Ways and Means Committee. He replaces Nancy L. Johnson, a Connecticut Republican. The subcommittee oversees the I.R.S. During Ms. Johnson’s tenure, the panel crafted legislation to give…
By Grant Williams and Jennifer Moore
Advertising Council (New York): Announced the resignation of Ruth A. Wooden, president and chief executive officer, effective this summer. Alternatives in Education for the Hearing Impaired (Mount Prospect, Ill.): Appointed Holly Trueblood, director of resource development at Goodwill Industries of…
How the Next Generation Is Shaping the Non-Profit World
A NEW GUARD EMERGES: Savvy, pragmatic young leaders are reshaping the non-profit world. THE ARTS: The American Poetry & Literacy Project’s founder is on an unusual cultural crusade. EDUCATION: The co-founder of Boston’s City on a Hill Charter School is helping to reshape public education.…
Change in Rules That Govern Taxes on Converted Assets
For-profit corporations that convert to tax-exempt status or that transfer assets to a tax-exempt entity could wind up owing tax to the I.R.S. Under final regulations that implement changes contained in the Tax Reform Act of 1986, a taxable corporation that transfers “all or substantially all” of…
By Jennifer Moore
Contributor
Kemp Group Loses Appeal for Charity Tax Exemption
A federal appeals court has ruled that the Internal Revenue Service was right to deny charity status to a group created to raise money for a private commission that studied ways to change the tax code. The organization, the Fund for the Study of Economic Growth and Tax Reform, was started in 1995.…
By Jennifer Moore
Contributor
IRS Seeks Comment on Gift-Tax Regulations
The Internal Revenue Service is seeking public comment on changes it plans to make in the way estate and gift taxes are calculated and collected. Donors who use charitable annuity lead trusts and some other planned-giving arrangements could be affected by the changes. The proposed rules, which…
By Jennifer Moore
Contributor
Probe Threatens Charity Status of Olympics Group
The U.S. Justice Department is investigating the non-profit group organizing the 2002 Olympic Winter Games in Salt Lake City in the wake of accusations that the group bribed the Olympics officials who decide where the Games are to be held. Although the focus of the investigation is unclear, the…
By Debra E. Blum
Contributor