A comprehensive, revised, and expanded guide covering tax-exempt organizations engaging in joint ventures Joint Ventures Involving Tax-Exempt Organizations, Fourth Edition examines the liability of, and consequences to, exempt organizations participating in joint ventures with for-profit and other tax-exempt entities. This authoritative guide provides unbridled access to relevant IRC provisions, Treasury regulations, IRS rulings, and pertinent judicial decisions and legislative developments that impact exempt organizations involved in joint ventures. * Features in depth analysis of the IRS's…mehr
A comprehensive, revised, and expanded guide covering tax-exempt organizations engaging in joint ventures Joint Ventures Involving Tax-Exempt Organizations, Fourth Edition examines the liability of, and consequences to, exempt organizations participating in joint ventures with for-profit and other tax-exempt entities. This authoritative guide provides unbridled access to relevant IRC provisions, Treasury regulations, IRS rulings, and pertinent judicial decisions and legislative developments that impact exempt organizations involved in joint ventures. * Features in depth analysis of the IRS's requirements for structuring joint ventures to protect a nonprofit's exemption as well as to minimize UBIT * Includes sample models, checklists, and numerous citations to Internal Revenue Code sections, Treasury Regulations, case law, and IRS rulings * Presents models, guidelines, and suggestions for structuring joint ventures and minimizing the risk of audit * Contains detailed coverage of: new Internal Revenue Code requirements impacting charitable hospitals including Section 501(r) and related provisions; university ventures, revised Form 990, with a focus on nonprofits engaged in joint ventures; the IRS's emphasis on good governance practices; international activities by nonprofits; and a comprehensive examination of the New Market Tax Credits and Low Income Housing Tax Credits arena Written by a noted expert in the field, Joint Ventures Involving Tax-Exempt Organizations, Fourth Edition is the most in-depth discussion of this critical topic.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
MICHAEL I. SANDERS is the lead partner of Blank Rome's Washington office's tax group with a large practice in the area of exempt organizations involving healthcare and low-income housing, associations and joint ventures between for-profits and nonprofits, as well as structuring New Markets Tax Credit transactions. He is also an adjunct professor at The George Washington University Law School and Georgetown University Law Center. He was recently honored in 2010 by The George Washington University Law School for his 35 years of teaching.
Inhaltsangabe
Preface xi Acknowledgments xv Chapter 1: Introduction: Joint Ventures Involving Exempt Organizations 1 1.4 University Joint Ventures 1 1.5 Low-Income Housing and New Markets Tax Credit Joint Ventures 1 1.6 Conservation Joint Ventures 2 1.8 Rev. Rul. 98-15 and Joint Venture Structure 2 1.10 Ancillary Joint Ventures: Rev. Rul. 2004-51 2 1.14 The Exempt Organization as a Lender or Ground Lessor 2 1.15 Partnership Taxation 3 1.17 Use of a Subsidiary as a Participant in a Joint Venture 3 1.22 Limitation on Private Foundations' Activities That Limit Excess Business Holdings 4 1.24 Other Developments 4 Chapter 2: Taxation of Charitable Organizations 9 2.1 Introduction (Revised) 9 2.2 Categories of Exempt Organizations (Revised) 15 2.3 § 501(C)(3) Organizations: Statutory Requirements 20 2.4 Charitable Organizations: General Requirements 26 2.5 Categories of Charitable Organizations 27 2.6 Application for Exemption 31 2.7 Governance (Revised) 42 2.8 Form 990: Reporting and Disclosure Requirements (Revised) 50 2.9 Redesigned Form 990 54 2.10 The IRS Audit (Revised) 54 2.11 Charitable Contributions 60 Chapter 3: Taxation of Partnerships and Joint Ventures 71 3.1 Scope of Chapter 71 3.3 Classification as a Partnership 74 3.4 Alternatives to Partnerships 88 3.7 Formation of Partnership 88 3.8 Tax Basis in Partnership Interest 88 3.9 Partnership Operations 89 3.10 Partnership Distributions to Partners 90 3.11 Sale or Other Disposition of Assets or Interests 90 3.12 Other Tax Issues 91 Chapter 4: Overview: Joint Ventures Involving Exempt Organizations 97 4.1 Introduction 97 4.2 Exempt Organization as General Partner: A Historical Perspective (Revised) 98 4.6 Revenue Ruling 2004-51 and Ancillary Joint Ventures 102 4.9 Conversions from Exempt to for-Profit and from for-Profit to Exempt Entities 102 4.10 Analysis of a Virtual Joint Venture 102 Chapter 5: Private Benefit, Private Inurement, and Excess Benefit Transactions 105 5.1 What Are Private Inurement and Private Benefit? 105 5.2 Transactions in Which Private Benefit or Inurement May Occur 107 5.3 Profit-Making Activities as Indicia of Nonexempt Purpose 109 5.4 Intermediate Sanctions 109 5.7 State Activity with Respect to Insider Transactions 120 Chapter 6: Engaging in a Joint Venture: The Choices 121 6.1 Introduction 121 6.2 LLCs (Revised) 122 6.3 Use of a For-Profit Subsidiary as Participant in a Joint Venture (Revised) 123 6.4 Supporting Organizations (New) 142 6.5 Private Foundations and Program-Related Investments 142 6.6 Nonprofits and Bonds 146 6.7 Exploring Alternative Structures 149 6.8 Other Approaches 153 Chapter 7: Exempt Organizations as Accommodating Parties in Tax Shelter Transactions 167 7.2 Prevention of Abusive Tax Shelters 167 7.3 Excise Taxes and Penalties 168 Chapter 8: The Unrelated Business Income Tax 169 8.1 Introduction 169 8.3 General Rule 170 8.4 Statutory Exceptions to UBIT 171 8.5 Modifications to UBIT 172 8.7 Calculation of UBIT (Revised) 172 Chapter 9: Debt-Financed Income 189 9.1 Introduction 189 9.2 Debt-Financed Property 189 9.3 The § 514(C)(9) Exception (Revised) 190 9.6 The Final Regulations 191 Chapter 10: Limitation on Excess Business Holdings 193 10.1 Introduction 193 10.2 Excess Business Holdings: General Rules (Revised) 193 10.3 Tax Imposed 199 10.4 Exclusions 199 Chapter 11: Impact on Taxable Joint Ventures: Tax-Exempt Entity Leasing Rules 205 11.3 Internal Revenue Code § 168(h) 205 11.5 Restrictions on Tax-Exempt Use Property 205 Chapter 12: Health Care Entities in Joint Ventures 211 12.1 Overview (Revised) 211 12.2 Classifications of Joint Ventures 213 12.3 Tax Analysis 213 12.4 Other Health Care Industry Issues 216 12.5 Preserving the 50/50 Joint Venture 216 12.9 Government Scrutiny 217 12.11 The Patient Protection and Affordable Care Act of 2010: 501(r) and Other Statutory Changes Impacting Nonprofit Hospitals 218 12.12 The Patient Protection and Affordable Care Act of 2010: ACOs and Co-Ops: New Joint Venture Health Care Entities 221 Chapter 13: Low-Income Housing, New Markets, Rehabilitation, and Other Tax Credit Programs 223 13.2 Nonprofit-Sponsored LIHTC Project 223 13.3 Low-Income Housing Tax Credit 224 13.4 Historic Investment Tax Credit 228 13.6 New Markets Tax Credits (Revised) 238 13.10 The Energy Tax Credits 253 13.11 The Opportunity Zone Funds: New Section 1400Z-1 and Section 1400Z-2 (Revised) 255 13.12 The Inflation Reduction Act (Revised) 333 Appendix 13B 341 Chapter 14: Joint Ventures with Universities 357 14.1 Introduction (Revised) 357 14.3 Colleges and Universities IRS Compliance Initiative 365 14.5 Faculty Participation in Research Joint Ventures 366 14.6 Nonresearch Joint Venture Arrangements 369 14.7 Modes of Participation by Universities in Joint Ventures (Revised) 369 Chapter 15: Business Leagues Engaged in Joint Ventures 385 15.1 Overview 385 15.2 The Five-Prong Test 386 15.3 Unrelated Business Income Tax 387 Chapter 16: Conservation Organizations in Joint Ventures 389 16.1 Overview 389 16.2 Conservation and Environmental Protection as a Charitable or Educational Purpose: Public and Private Benefit 389 16.3 Conservation Gifts and § 170(H) Contributions (Revised) 390 16.7 Emerging Issues 419 Chapter 17: International Joint Ventures 421 17.1 Overview (New) 421 17.5 General Grantmaking Rules 421 17.11 Application of Foreign Tax Treaties 424 Chapter 19: Debt Restructuring and Asset Protection Issues 427 19.1 Introduction 427 19.2 Overview of Bankruptcy 427 19.3 The Estate and the Automatic Stay 428 19.4 Case Administration 429 19.5 Chapter Plan 430 19.6 Discharge 431 19.7 Special Issues: Consequences of Debt Reduction 431 Index 433
Preface xi Acknowledgments xv Chapter 1: Introduction: Joint Ventures Involving Exempt Organizations 1 1.4 University Joint Ventures 1 1.5 Low-Income Housing and New Markets Tax Credit Joint Ventures 1 1.6 Conservation Joint Ventures 2 1.8 Rev. Rul. 98-15 and Joint Venture Structure 2 1.10 Ancillary Joint Ventures: Rev. Rul. 2004-51 2 1.14 The Exempt Organization as a Lender or Ground Lessor 2 1.15 Partnership Taxation 3 1.17 Use of a Subsidiary as a Participant in a Joint Venture 3 1.22 Limitation on Private Foundations' Activities That Limit Excess Business Holdings 4 1.24 Other Developments 4 Chapter 2: Taxation of Charitable Organizations 9 2.1 Introduction (Revised) 9 2.2 Categories of Exempt Organizations (Revised) 15 2.3 § 501(C)(3) Organizations: Statutory Requirements 20 2.4 Charitable Organizations: General Requirements 26 2.5 Categories of Charitable Organizations 27 2.6 Application for Exemption 31 2.7 Governance (Revised) 42 2.8 Form 990: Reporting and Disclosure Requirements (Revised) 50 2.9 Redesigned Form 990 54 2.10 The IRS Audit (Revised) 54 2.11 Charitable Contributions 60 Chapter 3: Taxation of Partnerships and Joint Ventures 71 3.1 Scope of Chapter 71 3.3 Classification as a Partnership 74 3.4 Alternatives to Partnerships 88 3.7 Formation of Partnership 88 3.8 Tax Basis in Partnership Interest 88 3.9 Partnership Operations 89 3.10 Partnership Distributions to Partners 90 3.11 Sale or Other Disposition of Assets or Interests 90 3.12 Other Tax Issues 91 Chapter 4: Overview: Joint Ventures Involving Exempt Organizations 97 4.1 Introduction 97 4.2 Exempt Organization as General Partner: A Historical Perspective (Revised) 98 4.6 Revenue Ruling 2004-51 and Ancillary Joint Ventures 102 4.9 Conversions from Exempt to for-Profit and from for-Profit to Exempt Entities 102 4.10 Analysis of a Virtual Joint Venture 102 Chapter 5: Private Benefit, Private Inurement, and Excess Benefit Transactions 105 5.1 What Are Private Inurement and Private Benefit? 105 5.2 Transactions in Which Private Benefit or Inurement May Occur 107 5.3 Profit-Making Activities as Indicia of Nonexempt Purpose 109 5.4 Intermediate Sanctions 109 5.7 State Activity with Respect to Insider Transactions 120 Chapter 6: Engaging in a Joint Venture: The Choices 121 6.1 Introduction 121 6.2 LLCs (Revised) 122 6.3 Use of a For-Profit Subsidiary as Participant in a Joint Venture (Revised) 123 6.4 Supporting Organizations (New) 142 6.5 Private Foundations and Program-Related Investments 142 6.6 Nonprofits and Bonds 146 6.7 Exploring Alternative Structures 149 6.8 Other Approaches 153 Chapter 7: Exempt Organizations as Accommodating Parties in Tax Shelter Transactions 167 7.2 Prevention of Abusive Tax Shelters 167 7.3 Excise Taxes and Penalties 168 Chapter 8: The Unrelated Business Income Tax 169 8.1 Introduction 169 8.3 General Rule 170 8.4 Statutory Exceptions to UBIT 171 8.5 Modifications to UBIT 172 8.7 Calculation of UBIT (Revised) 172 Chapter 9: Debt-Financed Income 189 9.1 Introduction 189 9.2 Debt-Financed Property 189 9.3 The § 514(C)(9) Exception (Revised) 190 9.6 The Final Regulations 191 Chapter 10: Limitation on Excess Business Holdings 193 10.1 Introduction 193 10.2 Excess Business Holdings: General Rules (Revised) 193 10.3 Tax Imposed 199 10.4 Exclusions 199 Chapter 11: Impact on Taxable Joint Ventures: Tax-Exempt Entity Leasing Rules 205 11.3 Internal Revenue Code § 168(h) 205 11.5 Restrictions on Tax-Exempt Use Property 205 Chapter 12: Health Care Entities in Joint Ventures 211 12.1 Overview (Revised) 211 12.2 Classifications of Joint Ventures 213 12.3 Tax Analysis 213 12.4 Other Health Care Industry Issues 216 12.5 Preserving the 50/50 Joint Venture 216 12.9 Government Scrutiny 217 12.11 The Patient Protection and Affordable Care Act of 2010: 501(r) and Other Statutory Changes Impacting Nonprofit Hospitals 218 12.12 The Patient Protection and Affordable Care Act of 2010: ACOs and Co-Ops: New Joint Venture Health Care Entities 221 Chapter 13: Low-Income Housing, New Markets, Rehabilitation, and Other Tax Credit Programs 223 13.2 Nonprofit-Sponsored LIHTC Project 223 13.3 Low-Income Housing Tax Credit 224 13.4 Historic Investment Tax Credit 228 13.6 New Markets Tax Credits (Revised) 238 13.10 The Energy Tax Credits 253 13.11 The Opportunity Zone Funds: New Section 1400Z-1 and Section 1400Z-2 (Revised) 255 13.12 The Inflation Reduction Act (Revised) 333 Appendix 13B 341 Chapter 14: Joint Ventures with Universities 357 14.1 Introduction (Revised) 357 14.3 Colleges and Universities IRS Compliance Initiative 365 14.5 Faculty Participation in Research Joint Ventures 366 14.6 Nonresearch Joint Venture Arrangements 369 14.7 Modes of Participation by Universities in Joint Ventures (Revised) 369 Chapter 15: Business Leagues Engaged in Joint Ventures 385 15.1 Overview 385 15.2 The Five-Prong Test 386 15.3 Unrelated Business Income Tax 387 Chapter 16: Conservation Organizations in Joint Ventures 389 16.1 Overview 389 16.2 Conservation and Environmental Protection as a Charitable or Educational Purpose: Public and Private Benefit 389 16.3 Conservation Gifts and § 170(H) Contributions (Revised) 390 16.7 Emerging Issues 419 Chapter 17: International Joint Ventures 421 17.1 Overview (New) 421 17.5 General Grantmaking Rules 421 17.11 Application of Foreign Tax Treaties 424 Chapter 19: Debt Restructuring and Asset Protection Issues 427 19.1 Introduction 427 19.2 Overview of Bankruptcy 427 19.3 The Estate and the Automatic Stay 428 19.4 Case Administration 429 19.5 Chapter Plan 430 19.6 Discharge 431 19.7 Special Issues: Consequences of Debt Reduction 431 Index 433
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