- 6 -
life insurance policy premium. Also on that day, NHF paid its
$36,000 portion of the life insurance policy premium to
Commercial Union Life.
NHF sent a receipt for the 1997 contribution on behalf of
the Addis family foundation which stated: “In accordance with
IRS regulations, the National Heritage Foundation did not provide
any goods or services to the donor in return for the
contribution.”
On October 21, 1998, petitioners paid $36,000 to NHF. The
payment was in form unrestricted. Also on that day, petitioners
paid Commercial Union Life their $4,000 portion of the life
insurance policy premium. On October 27, 1998, NHF credited the
Addis family foundation account with $36,000 and debited the
account in the same amount to pay NHF’s portion of the premium
for the life insurance policy. Also on that day, NHF paid its
$36,000 portion of the life insurance policy premium to
Commercial Union Life. NHF provided petitioners with a receipt
which stated that NHF provided no goods or services to
petitioners in exchange for the payment.
Petitioners would have stopped making payments to NHF if NHF
had not used petitioners’ $36,000 payments to pay the premiums
for the life insurance policy on Mrs. Addis.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011