Wallace Genetic Foundation Inc

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IN 2017 WALLACE GENETIC FOUNDATION, INC. ("WGF") UNDERTOOK STEPS TO BEGIN A PROCESS OF REORGANIZATION CONSISTENT WITH IRS REVENUE RULING 2002-28. WGF FILED A PETITION FOR APPROVAL OF A PLAN OF DISSOLUTION AND DISTRIBUTION OF ASSETS ("THE PLAN") WITH THE NEW YORK ATTORNEY GENERAL. THE PLAN DESCRIBED THE INTENT TO DISTRIBUTE TWO-THIRD'S OF WGF'S NET ASSETS TO THE WALLACE GENETIC FOUNDATION II ("WGF II"), A DELAWARE CORPORATION, (EIN: 81-4236372), AND ONE-THIRD OF ITS NET ASSETS TO THE FARVUE FOUNDATION ("FARVUE"), A DELAWARE CORPORATION, (EIN: 27-1938940). THE NEW YORK ATTORNEY GENERAL TOOK THE FIRST STEPS IN APPROVING THE PLAN IN OCTOBER 2017. SEE ATTACHED COPY. AS SUCH, WGF DISTRIBUTED SUBSTANTIALLY ALL OF ITS ASSETS TO WGF II AND FARVUE PRIOR TO DECEMBER 31, 2017. A REASONABLE AMOUNT OF CASH WAS MAINTAINED TO COVER OUTSTANDING AND ANTICIPATED LIABILITIES (E.G., PAY CREDITORS, ASSIGN LEASES, PREPARE FINAL TAX RETURNS, ETC.). DURING 2018, WGF PAID ALL CREDITORS AND DISTRIBUTED THE REMAINING ASSETS TO WGF II AND FARVUE. WGF THEN DISSOLVED UNDER STATE LAW ON JULY 6, 2018. A CERTIFIED COPY OF THE CERTIFICATE OF DISSOLUTION ISSUED BY THE NEW YORK SECRETARY OF STATE IS ATTACHED TO THIS RETURN. WGF TERMINATED ITS PRIVATE FOUNDATION STATUS UNDER IRC SECTION 509(A)(1) JULY 6, 2018 WITH NO ASSETS. AS SUCH, NO TERMINATION TAX IS DUE. THE ALLOCATION OF THE ORIGINAL TAX ATTRIBUTES HAVE BEEN ALLOCATED BASED ON THE AGREED ASSET ALLOCATION PERCENTAGES. ADJUSTED QUALIFYING DISTRIBUTIONS TOTAL WGF II FARVUE YEAR ENDED DECEMBER 31, 2014 9,710,262 6,473,508 3,236,754 YEAR ENDED DECEMBER 31, 2015 9,682,313 6,454,875 3,227,438 YEAR ENDED DECEMBER 31, 2016 9,735,816 6,490,544 3,245,272 YEAR ENDED DECEMBER 31, 2017 10,861,015 7,240,677 3,620,338 YEAR ENDED JULY 6, 2018 9,766 6,511 3,255 TOTAL 39,999,172 26,666,115 13,333,057 NET VALUE NONCHARITABLE-USE ASSETS TOTAL WGF II FARVUE YEAR ENDED DECEMBER 31, 2014 189,643,235 126,428,823 63,214,412 YEAR ENDED DECEMBER 31, 2015 184,481,515 122,987,677 61,493,838 YEAR ENDED DECEMBER 31, 2016 184,469,936 122,979,957 61,489,979 YEAR ENDED DECEMBER 31, 2017 190,709,658 127,139,772 63,569,886 YEAR ENDED JULY 6, 2018 270,163 180,109 90,054 TOTAL 749,574,507 499,716,338 249,858,169 EXCESS DISTRIBUTIONS FROM: TOTAL WGF II FARVUE YEAR ENDED DECEMBER 31, 2014 336,610 224,407 112,203 YEAR ENDED DECEMBER 31, 2015 610,407 406,938 203,469 YEAR ENDED DECEMBER 31, 2016 590,600 393,733 196,867 YEAR ENDED DECEMBER 31, 2017 1,579,948 1,053,299 526,649 YEAR ENDED JULY 6, 2018 0 0 0 TOTAL 3,117,565 2,078,377 1,039,188

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