ON JANUARY 31ST, 2020, BURNS FAMILY FOUNDATION (EIN: 26-1120529) ("TRANSFEROR") DISSOLVED AND DISTRIBUTED ALL OF ITS REMAINING NET ASSETS TO DREAMS33 FOUNDATION (EIN: 83-1710717) AND KOKUA NA LANI (EIN: 83-1663489) ("TRANSFEREES") BOTH LOCATED AT 885 WINSLOW ST, REDWOOD CITY CA 94063, IN A TRANSACTION DESCRIBED IN SECTION 507(B)(2) OF THE INTERNAL REVENUE CODE. TRANSFEROR DISTRIBUTED 50% OF IT'S NET ASSETS TO EACH TRANSFEREE. FOR FEDERAL TAX PURPOSES THE TRANSACTION WOULD BE TREATED AS A TRANSFER OF ALL OF TRANSFEROR'S REMAINING ASSETS (TOTAL ASSETS OF $ 35,630,196) TO TRANSFEREES AT A TIME WHEN BOTH TRANSFEROR AND TRANSFEREES WERE EFFECTIVELY CONTROLLED BY THE SAME PERSONS. ACCORDINGLY, THIS RETURN HAS BEEN PREPARED CONSISTENT WITH THE PRINCIPLES SET FORTH IN SECTION 1.507-3(A)(9)(I) OF THE TREASURY REGULATIONS AND THE CONCLUSIONS SET FORTH IN IRS REVENUE RULING 2002-28, 2002-1 C.B. 941 (2002).
Application Information
Accepts Unsolicited ProposalsUnknown
Contact PersonBURNS FAMILY FOUNDATION CO HARMONY
Phone6503644933
DeadlinesN/A
How to ApplyN/A
RestrictionsALL GIFTS ARE MADE PURSUANT TO TRUST INSTRUMENTS & IN THE DISCRETION OF THE TRUSTEE.