(a) Section 23707 states that a termination of a private foundation under federal law is a valid termination under state law. Also a termination by the State Attorney General is a valid termination for Franchise Tax Board purposes.

1. (1) Where a private foundation receives notice that its status as a private foundation has been changed or terminated, a copy of any such notice should be forwarded by the private foundation to the Franchise Tax Board within 60 days.
2. (2) Where a private foundation terminates its status as a private foundation by distribution of all its assets to a properly qualified organization, this information should be indicated on its final annual information report, submitted on or before the 15th day of the fifth month following such termination.