EXTENSION DENIED

From David T. Leibell and Daniel L. Daniels of Cummings & Lockwood LLC, in Stamford, Conn., we have this update: IRS denies private foundation's request for five-year extension to dispose of excess business holdings. In Private Letter Ruling 200552018 (released Dec. 30, 2005), the Internal Revenue Service rejected the request of a private foundation seeking an additional five years to dispose of excess