DURING 2022, ANSIN FOUNDATION (EIN 04-6046113) TRANSFERED ALL NET ASSETS, INCLUDING CASH AND INVESTMENT SECURITIES TO ANSIN FOUNDATION INC (EIN 87-1479369), A COMMONLY CONTROLLED PRIVATE FOUNDATION CREATED TO SUCCEED ANSIN FOUNDATION UPON ITS TERMINATION. SUCH A TRANSFER IS DESCRIBED IN TREASURY REGULATION SECTION 1.507-3(A)(9), WHICH STATES, "IF A PRIVATE FOUNDATION TRANSFERS ALL OF ITS NET ASSETS TO ONE OR MORE PRIVATE FOUNDATIONS WHICH ARE EFFECTIVELY CONTROLLED (WITHIN THE MEANING OF SECTION 1.482-1(A)(3)), DIRECTLY OR INDIRECTLY, BY THE SAME PERSON OR PERSONS WHICH EFFECTIVELY CONTROLLED THE TRANSFEROR PRIVATE FOUNDATION, FOR PURPOSES OF CHAPTER 42 (SECTION 4940 ET SEQ) AND PART II OF SUBCHAPTER F OF CHAPTER 1 OF THE CODE (SECTIONS 507 THROUGH 509) SUCH A TRANSFEREE PRIVATE FOUNDATION SHALL BE TREATED AS IF IT WERE THE TRANSFEROR." ADDITIONALLY, IRC SECTION 507(B)(2) PROVIDES THAT, "IN THE CASE OF A TRANSFER OF ASSETS OF ANY PRIVATE FOUNDATION TO ANOTHER PRIVATE FOUNDATION PURSUANT TO ANY LIQUIDATION, MERGER, REDEMPTION, RECAPITALIZATION, OR OTHER ADJUSTMENT, ORGANIZATION OR REORGANIZATION, THE TRANSFEREE FOUNDATION SHALL NOT BE TREATED AS A NEWLY CREATED ORGANIZATION." IN ACCORDANCE WITH THIS REGULATION AND CODE SECTION, ANSIN FOUNDATION HAS COMPLETED ITS 2022 FORM 990-PF TO ALLOCATE ALL OF ITS ACTIVITY TO ANSIN FOUNDATION INC. AS IF IT WERE ANSIN FOUNDATION FOR PURPOSES OF CHAPTER 42. SIMILARLY, ANSIN FOUNDATION INC. HAS COMPLETED ITS 2022 RETURN TO REPORT ALL OF THE ACTIVITY ALLOCATED TO IT BY ANSIN FOUNDATION IN ADDITION TO ACTIVITY IT CONDUCTED DIRECTLY. THE FOLLOWING SUMMARIZES THE TRANSFER BY RETURN PART. PART I: THE TRANSFEREE HAS RECOGNIZED ALL OF THE TRANSFEROR'S INCOME & EXPENSES FOR PURPOSES OF SECTION 4940. PART II: NET ASSETS TRANSFERRED BOOK VALUE = $55,049,391 FMV - $110,995,340 PARTS IX AND X: THE TRANSFEREE HAS CALCULATED THE AVERAGE VALUE OF ASSETS AS IF IT HELD ALL OF THE TRANSFEROR'S ASSETS THE ENTIRE YEAR AND HAS CALCULATED THE CORRESPONDING DISTRIBUTABLE AMOUNT ON ITS FORM 990-PF. PART XII: THE TRANSFEREE HAS RECOGNIZED THE TRANSFEROR'S UNDISTRIBUTED INCOME OF $4,325,674 FOR 2021.
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