Overview
Neil Kawashima said a little-explored provision in the Bipartisan Budget Act of 2018 means that a private foundation can own an operating company as long as it didn’t buy it and as long as it owns 100 percent of the voting stock. “All the profits of the business have to go to the private foundation, like the arrangement with Newman’s Own, which then will distribute the funds to charity,” Mr. Kawashima explained.
