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Joint Ventures Involving Tax-Exempt Organizations, 2019 Cumulative Supplement.

By: Material type: TextTextSeries: Wiley Nonprofit Authority SeriesPublisher: Newark : John Wiley & Sons, Incorporated, 2019Copyright date: ©2020Edition: 4th edDescription: 1 online resource (259 pages)Content type:
  • text
Media type:
  • computer
Carrier type:
  • online resource
ISBN:
  • 9781119615965
Subject(s): Genre/Form: Additional physical formats: Print version:: Joint Ventures Involving Tax-Exempt Organizations, 2019 Cumulative SupplementLOC classification:
  • KF1388 .S263 2020
Online resources:
Contents:
Cover -- Title Page -- Copyright -- Contents -- Preface -- Acknowledgments -- Chapter 1: Introduction: Joint Ventures Involving Exempt Organizations -- 1.4 University Joint Ventures -- 1.5 Low-Income Housing and New Markets Tax Credit Joint Ventures -- 1.6 Conservation Joint Ventures -- 1.8 Rev. Rul. 98-15 and Joint Venture Structure -- 1.10 Ancillary Joint Ventures: Rev. Rul. 2004-51 -- 1.14 The Exempt Organization as a Lender or Ground Lessor -- 1.15 Partnership Taxation -- (a) Overview -- (b) Bargain Sale Including "Like Kind" Exchange -- 1.17 Use of a Subsidiary as a Participant in a Joint Venture -- 1.22 Limitation on Private Foundation's Activities That Limit Excess Business Holdings -- 1.24 Other Developments -- Chapter 2: Taxation of Charitable Organizations -- 2.1 Introduction (Revised) -- 2.2 Categories of Exempt Organizations (Revised) -- (a) 501(c)(4) Organizations: A Brief Overview -- 2.3 501(c)(3) Organizations: Statutory Requirements (Revised) -- (a) Organizational Test -- (b) Operational Test -- 2.4 Charitable Organizations: General Requirements -- (a) Organization Must Benefit a Charitable Class (New) -- 2.6 Application for Exemption -- (a) Individual Organizations -- (c) Social Welfare Group Exemptions -- 2.7 Governance -- 2.8 Form 990: Reporting and Disclosure Requirements (Revised) -- (a) Who Must File -- (b) Disclosure of Returns -- 2.10 The IRS Audit -- (c) Strategies in the Event of a Proposed Revocation of 501(c)(3) Status -- 2.11 Charitable Contributions (Revised) -- (a) Contributions of Cash, Ordinary Income Property, and Short-Term Capital Gain Property -- (c) Contributions of Conservation Easements -- (e) Charitable Contributions to SMLLCs -- (f) Contribution of LLC/Partnership Interests to Charity -- Chapter 3: Taxation of Partnerships and Joint Ventures.
3.1 Scope of Chapter -- (a) Treatment of Business Income to Noncorporate Taxpayers -- 3.3 Classification as a Partnership -- (b) Overview of the Check-the-Box Regulations -- (f) IRS Analysis: The Double-Prong Test and Rev. Rul. 98-15 -- 3.4 Alternatives to Partnerships -- (b) Title-Holding Companies -- 3.7 Formation of Partnership -- (b) Partnership Interest in Exchange for Services -- 3.8 Tax Basis in Partnership Interest -- (a) Loss Limitation -- (b) Basis -- (c) Liabilities and Economic Risk of Loss -- 3.9 Partnership Operations -- (d) Transactions between Partner and Partnership -- 3.11 Sale or Other Disposition of Assets or Interests -- (c) Termination of the Partnership -- (d) Liquidating Distributions -- (f) Application of Bargain Sale Technique to "Burned Out" Shelters -- 3.12 Other Tax Issues (Revised) -- (c) Passive Activity Loss Rules -- (f) Unified Audits and Adjustments -- Chapter 4: Overview: Joint Ventures Involving Exempt Organizations -- 4.1 Introduction -- 4.2 Exempt Organization as General Partner: A Historical Perspective -- (d) The Two-Prong Test: IRS Adopts Plumstead Theatre Doctrine -- (h) A Road Map -- 4.6 Revenue Ruling 2004-51 and Ancillary Joint Ventures -- (c) Factual Scenarios 1 through 4: Joint Venture Is a "Substantially Related" Charitable Activity (See Exhibit 4.1) -- 4.9 Conversions from Exempt to For-Profit and from For-Profit to Exempt Entities -- 4.10 Analysis of a Virtual Joint Venture -- Chapter 5: Private Benefit, Private Inurement, and Excess Benefit Transactions -- 5.1 What Are Private Inurement and Private Benefit? (Revised) -- (a) Introduction -- (b) Private Inurement and "Insiders" -- (c) Distinction between Private Benefit and Private Inurement -- 5.2 Transactions in Which Private Benefit or Inurement May Occur -- (a) Compensation for Services.
(c) Joint Ventures with Commercial Entities -- (e) Asset Sales to Insiders -- (f) Valuation of New-Economy and Internet Companies -- (g) 501(c)(3) Bonds -- 5.3 Profit-Making Activities as Indicia of Nonexempt Purpose -- (a) Operations for Profit -- 5.4 Intermediate Sanctions (Revised) -- (c) Compensation -- 5.7 State Activity with Respect to Insider Transactions -- (a) State Activity -- Chapter 6: Engaging in a Joint Venture: The Choices -- 6.1 Introduction -- (a) Impact of The 2017 Tax Act (Pub. L. No. 115-97) of Choice of Entity and Partnership Taxation -- 6.2 LLCs (Revised) -- (b) Comparison with Other Business Entities (New) -- (d) Private Foundations as Members of LLCs -- 6.3 Use of a For-Profit Subsidiary as Participant in a Joint Venture -- (b) Requirement for Subsidiary to Be a Separate Legal Entity -- (d) UBIT Implications Applicable to the Use of a Subsidiary -- 6.5 Private Foundations and Program-Related Investments -- (a) Program-Related Investments -- (b) Proposed Regulations: Additional Examples of PRIs -- (c) Final Regulations: Additional Examples 11-19 -- 6.6 Nonprofits and Bonds (Revised) -- (b) The Social Impact Bond: Impact Investing -- 6.7 Exploring Alternative Structures -- (b) A New Legal Entity-the L3C-a Low-Profit LLC -- 6.8 Other Approaches -- (c) Foregoing Tax Exemption -- (d) Hybrid Structures -- Chapter 7: Exempt Organizations as Accommodating Parties in Tax Shelter Transactions -- 7.2 Prevention of Abusive Tax Shelters -- (b) Reportable Transactions -- 7.3 Excise Taxes and Penalties -- (c) Disclosure Requirements -- Chapter 8: The Unrelated Business Income Tax -- 8.1 Introduction -- (b) Impact of UBIT and Reporting Trends -- 8.3 General Rule -- (b) The Definition of "Unrelated Trade or Business" -- 8.4 Statutory Exceptions to UBIT (Revised) -- (b) Activities for the Convenience of Members.
(h) Corporate Sponsorship -- 8.5 Modifications to UBIT (Revised) -- (d) Royalties -- (g) Income from Internet Activities -- 8.7 Calculation of UBIT (Revised) -- (a) General Rules -- (b) Expenses -- (c) Tax on Transportation Fringe Benefits: Qualified Parking, etc. -- Chapter 9: Debt-Financed Income -- 9.1 Introduction -- 9.2 Debt-Financed Property -- (a) Overview -- (c) Acquisition Indebtedness -- 9.6 The Final Regulations -- (c) Exceptions to the Fractions Rule for Preferred Returns and Guaranteed Payments -- (d) Chargebacks and Offsets -- (e) Partner-Specific Items of Deductions -- (f) Unlikely Losses and Deductions -- (g) De Minimis Rules -- Chapter 10: Limitation on Excess Business Holdings -- 10.1 Introduction -- 10.2 Excess Business Holdings: General Rules (Revised) -- 10.3 Tax Imposed -- 10.4 Exclusions -- (a) Functionally Related Business -- (c) Income from Passive Sources -- Chapter 12: Healthcare Entities in Joint Ventures -- 12.1 Overview -- 12.2 Classifications of Joint Ventures -- 12.3 Tax Analysis -- (b) The IRS's Historical Position -- (d) Revenue Ruling 98-15 -- 12.4 Other Healthcare Industry Issues -- (d) Federal Healthcare Fraud and Abuse Statutes -- (e) IRS Policy and the HHS Office of Inspector General -- (h) Integrated Delivery Systems, PHOs, MSOs, and HMOs -- 12.5 Preserving the 50/50 Joint Venture -- (b) Expanding Nonprofit Veto Authority in the 50/50 Joint Venture -- (e) Preserving "Control" in the 50/50 Venture -- 12.9 Government Scrutiny -- (a) The IRS Exempt Organizations Hospital Compliance Project -- (b) Congressional Scrutiny -- (c) State Action -- 12.11 The Patient Protection and Affordable Care Act of 2010: 501(r) and Other Statutory Changes Impacting Nonprofit Hospitals -- (a) Introduction -- (d) Additional Statutory Requirements Applicable to Hospital Organizations.
(e) Implications for Joint Ventures -- 12.12 The Patient Protection and Affordable Care Act of 2010: ACOs and Co-Ops: New Joint Venture Healthcare Entities -- (b) ACOs -- Chapter 13: Low-Income Housing, New Markets, Rehabilitation, and Other Tax Credit Programs -- 13.2 Nonprofit-Sponsored LIHTC Project (New) -- 13.3 Low-Income Housing Tax Credit (Revised) -- (b) Introduction to the Low-Income Housing Tax Credit -- (c) Utilization of the LIHTC by Tax-Exempt Organizations -- (g) Applicable Credit Percentage -- (m) Disposition of the Partnership's or Investor's Interest Following the Compliance Period -- (n) LIHTC 15-Year Issues -- 13.4 Historic Investment Tax Credit -- (f) Profit Motive Requirement -- (h) The Treatment of 50(d) Income and Qualified Leasehold Improvements -- 13.6 New Markets Tax Credits (Revised) -- (d) Allocation Process -- (g) Qualified Low-Income Community Investments -- (v) Exiting the NMTC Transaction: The Unwind -- (w) Nonprofits' Use of NMTC -- 13.10 The Energy Tax Credits -- (a) Overview -- (g) 2015 PATH Act -- 13.11 The Opportunity Zone Funds: New Section 1400Z-1 and Section 1400Z-2431 (Revised) -- (a) Introduction -- (b) Operations of QOZ Business -- (c) Pairing Opportunity Zone Incentives with NMTCs -- (d) Use By Tax Exempt Organizations: Win-Win -- (e) Preliminary Steps in Formation of Opportunity Fund -- (f) Treasury Publishes Opportunity Zone Proposed Regulations -- (g) Treasury Publishes the Second Tranche of Proposed Opportunity Zone Regulations -- Appendix 13B (New) -- (g) Tax Compliance Checklist for U.S. Taxpayers' Investment in Qualified Opportunity Funds Pursuant to 26 U.S. Code 1400Z-2 -- Chapter 14: Joint Ventures with Universities -- 14.1 Introduction -- (b) The 2017 Tax Act (Pub. L. No. 115-97) -- 14.3 Colleges and Universities IRS Compliance Initiative (New).
(a) Publication of Nondiscrimination Policy.
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Cover -- Title Page -- Copyright -- Contents -- Preface -- Acknowledgments -- Chapter 1: Introduction: Joint Ventures Involving Exempt Organizations -- 1.4 University Joint Ventures -- 1.5 Low-Income Housing and New Markets Tax Credit Joint Ventures -- 1.6 Conservation Joint Ventures -- 1.8 Rev. Rul. 98-15 and Joint Venture Structure -- 1.10 Ancillary Joint Ventures: Rev. Rul. 2004-51 -- 1.14 The Exempt Organization as a Lender or Ground Lessor -- 1.15 Partnership Taxation -- (a) Overview -- (b) Bargain Sale Including "Like Kind" Exchange -- 1.17 Use of a Subsidiary as a Participant in a Joint Venture -- 1.22 Limitation on Private Foundation's Activities That Limit Excess Business Holdings -- 1.24 Other Developments -- Chapter 2: Taxation of Charitable Organizations -- 2.1 Introduction (Revised) -- 2.2 Categories of Exempt Organizations (Revised) -- (a) 501(c)(4) Organizations: A Brief Overview -- 2.3 501(c)(3) Organizations: Statutory Requirements (Revised) -- (a) Organizational Test -- (b) Operational Test -- 2.4 Charitable Organizations: General Requirements -- (a) Organization Must Benefit a Charitable Class (New) -- 2.6 Application for Exemption -- (a) Individual Organizations -- (c) Social Welfare Group Exemptions -- 2.7 Governance -- 2.8 Form 990: Reporting and Disclosure Requirements (Revised) -- (a) Who Must File -- (b) Disclosure of Returns -- 2.10 The IRS Audit -- (c) Strategies in the Event of a Proposed Revocation of 501(c)(3) Status -- 2.11 Charitable Contributions (Revised) -- (a) Contributions of Cash, Ordinary Income Property, and Short-Term Capital Gain Property -- (c) Contributions of Conservation Easements -- (e) Charitable Contributions to SMLLCs -- (f) Contribution of LLC/Partnership Interests to Charity -- Chapter 3: Taxation of Partnerships and Joint Ventures.

3.1 Scope of Chapter -- (a) Treatment of Business Income to Noncorporate Taxpayers -- 3.3 Classification as a Partnership -- (b) Overview of the Check-the-Box Regulations -- (f) IRS Analysis: The Double-Prong Test and Rev. Rul. 98-15 -- 3.4 Alternatives to Partnerships -- (b) Title-Holding Companies -- 3.7 Formation of Partnership -- (b) Partnership Interest in Exchange for Services -- 3.8 Tax Basis in Partnership Interest -- (a) Loss Limitation -- (b) Basis -- (c) Liabilities and Economic Risk of Loss -- 3.9 Partnership Operations -- (d) Transactions between Partner and Partnership -- 3.11 Sale or Other Disposition of Assets or Interests -- (c) Termination of the Partnership -- (d) Liquidating Distributions -- (f) Application of Bargain Sale Technique to "Burned Out" Shelters -- 3.12 Other Tax Issues (Revised) -- (c) Passive Activity Loss Rules -- (f) Unified Audits and Adjustments -- Chapter 4: Overview: Joint Ventures Involving Exempt Organizations -- 4.1 Introduction -- 4.2 Exempt Organization as General Partner: A Historical Perspective -- (d) The Two-Prong Test: IRS Adopts Plumstead Theatre Doctrine -- (h) A Road Map -- 4.6 Revenue Ruling 2004-51 and Ancillary Joint Ventures -- (c) Factual Scenarios 1 through 4: Joint Venture Is a "Substantially Related" Charitable Activity (See Exhibit 4.1) -- 4.9 Conversions from Exempt to For-Profit and from For-Profit to Exempt Entities -- 4.10 Analysis of a Virtual Joint Venture -- Chapter 5: Private Benefit, Private Inurement, and Excess Benefit Transactions -- 5.1 What Are Private Inurement and Private Benefit? (Revised) -- (a) Introduction -- (b) Private Inurement and "Insiders" -- (c) Distinction between Private Benefit and Private Inurement -- 5.2 Transactions in Which Private Benefit or Inurement May Occur -- (a) Compensation for Services.

(c) Joint Ventures with Commercial Entities -- (e) Asset Sales to Insiders -- (f) Valuation of New-Economy and Internet Companies -- (g) 501(c)(3) Bonds -- 5.3 Profit-Making Activities as Indicia of Nonexempt Purpose -- (a) Operations for Profit -- 5.4 Intermediate Sanctions (Revised) -- (c) Compensation -- 5.7 State Activity with Respect to Insider Transactions -- (a) State Activity -- Chapter 6: Engaging in a Joint Venture: The Choices -- 6.1 Introduction -- (a) Impact of The 2017 Tax Act (Pub. L. No. 115-97) of Choice of Entity and Partnership Taxation -- 6.2 LLCs (Revised) -- (b) Comparison with Other Business Entities (New) -- (d) Private Foundations as Members of LLCs -- 6.3 Use of a For-Profit Subsidiary as Participant in a Joint Venture -- (b) Requirement for Subsidiary to Be a Separate Legal Entity -- (d) UBIT Implications Applicable to the Use of a Subsidiary -- 6.5 Private Foundations and Program-Related Investments -- (a) Program-Related Investments -- (b) Proposed Regulations: Additional Examples of PRIs -- (c) Final Regulations: Additional Examples 11-19 -- 6.6 Nonprofits and Bonds (Revised) -- (b) The Social Impact Bond: Impact Investing -- 6.7 Exploring Alternative Structures -- (b) A New Legal Entity-the L3C-a Low-Profit LLC -- 6.8 Other Approaches -- (c) Foregoing Tax Exemption -- (d) Hybrid Structures -- Chapter 7: Exempt Organizations as Accommodating Parties in Tax Shelter Transactions -- 7.2 Prevention of Abusive Tax Shelters -- (b) Reportable Transactions -- 7.3 Excise Taxes and Penalties -- (c) Disclosure Requirements -- Chapter 8: The Unrelated Business Income Tax -- 8.1 Introduction -- (b) Impact of UBIT and Reporting Trends -- 8.3 General Rule -- (b) The Definition of "Unrelated Trade or Business" -- 8.4 Statutory Exceptions to UBIT (Revised) -- (b) Activities for the Convenience of Members.

(h) Corporate Sponsorship -- 8.5 Modifications to UBIT (Revised) -- (d) Royalties -- (g) Income from Internet Activities -- 8.7 Calculation of UBIT (Revised) -- (a) General Rules -- (b) Expenses -- (c) Tax on Transportation Fringe Benefits: Qualified Parking, etc. -- Chapter 9: Debt-Financed Income -- 9.1 Introduction -- 9.2 Debt-Financed Property -- (a) Overview -- (c) Acquisition Indebtedness -- 9.6 The Final Regulations -- (c) Exceptions to the Fractions Rule for Preferred Returns and Guaranteed Payments -- (d) Chargebacks and Offsets -- (e) Partner-Specific Items of Deductions -- (f) Unlikely Losses and Deductions -- (g) De Minimis Rules -- Chapter 10: Limitation on Excess Business Holdings -- 10.1 Introduction -- 10.2 Excess Business Holdings: General Rules (Revised) -- 10.3 Tax Imposed -- 10.4 Exclusions -- (a) Functionally Related Business -- (c) Income from Passive Sources -- Chapter 12: Healthcare Entities in Joint Ventures -- 12.1 Overview -- 12.2 Classifications of Joint Ventures -- 12.3 Tax Analysis -- (b) The IRS's Historical Position -- (d) Revenue Ruling 98-15 -- 12.4 Other Healthcare Industry Issues -- (d) Federal Healthcare Fraud and Abuse Statutes -- (e) IRS Policy and the HHS Office of Inspector General -- (h) Integrated Delivery Systems, PHOs, MSOs, and HMOs -- 12.5 Preserving the 50/50 Joint Venture -- (b) Expanding Nonprofit Veto Authority in the 50/50 Joint Venture -- (e) Preserving "Control" in the 50/50 Venture -- 12.9 Government Scrutiny -- (a) The IRS Exempt Organizations Hospital Compliance Project -- (b) Congressional Scrutiny -- (c) State Action -- 12.11 The Patient Protection and Affordable Care Act of 2010: 501(r) and Other Statutory Changes Impacting Nonprofit Hospitals -- (a) Introduction -- (d) Additional Statutory Requirements Applicable to Hospital Organizations.

(e) Implications for Joint Ventures -- 12.12 The Patient Protection and Affordable Care Act of 2010: ACOs and Co-Ops: New Joint Venture Healthcare Entities -- (b) ACOs -- Chapter 13: Low-Income Housing, New Markets, Rehabilitation, and Other Tax Credit Programs -- 13.2 Nonprofit-Sponsored LIHTC Project (New) -- 13.3 Low-Income Housing Tax Credit (Revised) -- (b) Introduction to the Low-Income Housing Tax Credit -- (c) Utilization of the LIHTC by Tax-Exempt Organizations -- (g) Applicable Credit Percentage -- (m) Disposition of the Partnership's or Investor's Interest Following the Compliance Period -- (n) LIHTC 15-Year Issues -- 13.4 Historic Investment Tax Credit -- (f) Profit Motive Requirement -- (h) The Treatment of 50(d) Income and Qualified Leasehold Improvements -- 13.6 New Markets Tax Credits (Revised) -- (d) Allocation Process -- (g) Qualified Low-Income Community Investments -- (v) Exiting the NMTC Transaction: The Unwind -- (w) Nonprofits' Use of NMTC -- 13.10 The Energy Tax Credits -- (a) Overview -- (g) 2015 PATH Act -- 13.11 The Opportunity Zone Funds: New Section 1400Z-1 and Section 1400Z-2431 (Revised) -- (a) Introduction -- (b) Operations of QOZ Business -- (c) Pairing Opportunity Zone Incentives with NMTCs -- (d) Use By Tax Exempt Organizations: Win-Win -- (e) Preliminary Steps in Formation of Opportunity Fund -- (f) Treasury Publishes Opportunity Zone Proposed Regulations -- (g) Treasury Publishes the Second Tranche of Proposed Opportunity Zone Regulations -- Appendix 13B (New) -- (g) Tax Compliance Checklist for U.S. Taxpayers' Investment in Qualified Opportunity Funds Pursuant to 26 U.S. Code 1400Z-2 -- Chapter 14: Joint Ventures with Universities -- 14.1 Introduction -- (b) The 2017 Tax Act (Pub. L. No. 115-97) -- 14.3 Colleges and Universities IRS Compliance Initiative (New).

(a) Publication of Nondiscrimination Policy.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.

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