[Code of Federal Regulations]
[Title 26, Volume 7]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.507-8]

[Page 92]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.507-8  Liability in case of transfers.

    For purposes of determining liability for the tax imposed under 
section 507(c) in the case of assets transferred by the private 
foundation, such tax shall be deemed to have been imposed on the first 
day on which action is taken by the organization which culminates in its 
ceasing to be a private foundation. If an organization's private 
foundation status is terminated under section 507(a)(2), the first day 
on which action is taken which culminates in its ceasing to be a private 
foundation (within the meaning of section 507(f)) shall be the date 
described in Sec. 1.507-7(b)(2). If an organization terminates its 
private foundation status under section 507(a)(1), the first day on 
which action is taken which culminates in its ceasing to be a private 
foundation (within the meaning of section 507(f)) shall be the date 
described in Sec. 1.507-7(b)(1).

[T.D. 7233, 37 FR 28161, Dec. 21, 1972]