Joint Ventures Involving Tax-Exempt Organizations, 2018 Cumulative Supplement

Joint Ventures Involving Tax-Exempt Organizations, 2018 Cumulative Supplement

by Michael I. Sanders

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Product Details

ISBN-13: 9781119516088
Publisher: Wiley
Publication date: 11/29/2018
Edition description: Supplement
Pages: 208
Product dimensions: 6.90(w) x 9.90(h) x 0.70(d)

About the Author

MICHAEL I. SANDERS (Washington DC) 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. Sanders is also an adjunct professor at George Washington University Law Center and Georgetown University Law School teaching Income Taxation of Partnerships and Subchapter S Corporations and Tax Treatment of Charities and Other Non-Profit Organizations, Joint Ventures Involving Tax Exempt Organizations (including healthcare, universities, LIHTC, new markets, conservation organizations, respectively. Previously, Mr. Sanders served as an attorney-advisor to the assistant secretary of tax policy at the Office of Tax Legislative Counsel and as a trial attorney at the U.S. Department of Justice (Attorney General's Honors Program). He was recently honored in 2010 by The George Washington University School of Law for his 35 years of teaching at the law school.

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Table of Contents

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 (New) 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 Foundation's Activities That Limit Excess Business Holdings 4

§ 1.24 Other Developments 4

Chapter 2 Taxation of Charitable Organizations 5

§ 2.1 Introduction (Revised) 5

§ 2.2 Categories of Exempt Organizations 10

§ 2.3 § 501(c)(3) Organizations: Statutory Requirements (Revised) 12

§ 2.6 Application for Exemption (Revised) 13

§ 2.7 Governance (Revised) 20

§ 2.8 Form 990: Reporting and Disclosure Requirements 21

§ 2.10 The IRS Audit 22

§ 2.11 Charitable Contributions 26

Chapter 3 Taxation of Partnerships and Joint Ventures 33

§ 3.1 Scope of Chapter (New) 33

§ 3.3 Classification as a Partnership 36

§ 3.4 Alternatives to Partnerships 36

§ 3.7 Formation of Partnership (New) 36

§ 3.8 Tax Basis in Partnership Interest (Revised) 37

§ 3.9 Partnership Operations 37

§ 3.11 Sale or Other Disposition of Assets or Interests (Revised) 38

§ 3.12 Other Tax Issues (Revised) 39

Chapter 4 Overview: Joint Ventures Involving Exempt Organizations 43

§ 4.1 Introduction (New) 43

§ 4.2 Exempt Organization as General Partner: A Historical Perspective (Revised) 44

§ 4.6 Revenue Ruling 2004-51 and Ancillary Joint Ventures 46

§ 4.9 Conversions from Exempt to For-Profit and from For-Profit to Exempt Entities 46

§ 4.10 Analysis of a Virtual Joint Venture 47

Chapter 5 Private Benefit, Private Inurement, and Excess Benefit Transactions 49

§ 5.1 What Are Private Inurement and Private Benefit? 49

§ 5.2 Transactions in Which Private Benefit or Inurement May Occur 50

§ 5.3 Profit-Making Activities as Indicia of Nonexempt Purpose 51

§ 5.4 Intermediate Sanctions (Revised) 51

§ 5.7 State Activity with Respect to Insider Transactions 53

Chapter 6 Engaging in a Joint Venture: The Choices 55

§ 6.1 Introduction (New) 55

§ 6.2 LLCs 56

§ 6.3 Use of a For-Profit Subsidiary as Participant in a Joint Venture (Revised) 56

§ 6.5 Private Foundations and Program-Related Investments (Revised) 60

§ 6.6 Nonprofits and Bonds 64

§ 6.7 Exploring Alternative Structures 66

§ 6.8 Other Approaches (Revised) 67

Chapter 7 Exempt Organizations as Accommodating Parties in Tax Shelter Transactions 71

§ 7.2 Prevention of Abusive Tax Shelters 71

§ 7.3 Excise Taxes and Penalties 72

Chapter 8 The Unrelated Business Income Tax 73

§ 8.1 Introduction 73

§ 8.3 General Rule (Revised) 74

§ 8.4 Statutory Exceptions to UBIT (New) 75

§ 8.5 Modifications to UBIT (New) 75

§ 8.7 Calculation of UBIT (New) 75

Chapter 9 Debt-Financed Income 81

§ 9.1 Introduction 81

§ 9.2 Debt-Financed Property (Revised) 81

§ 9.6 The Final Regulations 82

Chapter 10 Limitation on Excess Business Holdings 85

§ 10.1 Introduction 85

§ 10.2 Excess Business Holdings: General Rules (Revised) 85

§ 10.3 Tax Imposed 86

§ 10.4 Exclusions (Revised) 86

Chapter 12 Healthcare Entities in Joint Ventures 89

§ 12.1 Overview (New) 89

§ 12.2 Classifications of Joint Ventures 90

§ 12.3 Tax Analysis (Revised) 90

§ 12.4 Other Healthcare Industry Issues 93

§ 12.5 Preserving the 50/50 Joint Venture (Revised) 93

§ 12.9 Government Scrutiny 94

§ 12.11 The Patient Protection and Affordable Care Act of 2010: § 501(r) and Other Statutory Changes Impacting Nonprofit Hospitals 94

§ 12.12 The Patient Protection and Affordable Care Act of 2010: ACOs and Co-Ops: New Joint Venture Healthcare Entities 97

Chapter 13 Low-Income Housing, New Markets, Rehabilitation, and Other Tax Credit Programs 99

§ 13.3 Low-Income Housing Tax Credit (Revised) 99

§ 13.4 Historic Investment Tax Credit 100

§ 13.6 New Markets Tax Credits (Revised) 104

§ 13.10 The Energy Tax Credits 120

§ 13.11 The Opportunity Zone Funds: New Section 1400Z-1 and Section 1400Z-2 (New) 121

Chapter 14 Joint Ventures with Universities 131

§ 14.1 Introduction (New) 131

§ 14.5 Faculty Participation in Research Joint Ventures 136

§ 14.6 Nonresearch Joint Venture Arrangements 136

§ 14.7 Modes of Participation by Universities in Joint Ventures (Revised) 137

Chapter 15 Business Leagues Engaged in Joint Ventures 141

§ 15.1 Overview (Revised) 141

§ 15.2 The Five-Prong Test 142

§ 15.3 Unrelated Business Income Tax 142

Chapter 16 Conservation Organizations in Joint Ventures 143

§ 16.1 Overview 143

§ 16.2 Conservation and Environmental Protection as a Charitable or Educational Purpose: Public and Private Benefit (Revised) 143

§ 16.3 Conservation Gifts and § 170(h) Contributions (Revised) 144

§ 16.7 Emerging Issues (Revised) 156

Chapter 17 International Joint Ventures 159

§ 17.5 General Grantmaking Rules 159

§ 17.11 Application of Foreign Tax Treaties (Revised) 160

Chapter 19 Debt Restructuring and Asset Protection Issues 163

§ 19.1 Introduction (New) 163

§ 19.2 Overview of Bankruptcy (Revised) 163

§ 19.3 The Estate and the Automatic Stay (Revised) 164

§ 19.4 Case Administration (Revised) 165

§ 19.5 Chapter 11 Plan (Revised) 165

§ 19.6 Discharge (New) 166

Index 167

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