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) 16 § 2.3 § 501(C)(3) Organizations: Statutory Requirements 22 § 2.4 Charitable Organizations: General Requirements (Revised) 28 § 2.5 Categories of Charitable Organizations (Revised) 35 § 2.6 Application for Exemption 40 § 2.7 Governance (Revised) 51 § 2.8 Form 990: Reporting and Disclosure Requirements 59 § 2.9 Redesigned Form 990 63 § 2.
10 The IRS Audit 63 § 2.11 Charitable Contributions 68 § 2.12 State Laws (New) 78 Chapter 3: Taxation of Partnerships and Joint Ventures 81 § 3.1 Scope of Chapter (Revised) 81 § 3.3 Classification as a Partnership 84 § 3.4 Alternatives to Partnerships 98 § 3.7 Formation of Partnership 98 § 3.8 Tax Basis in Partnership Interest 98 § 3.
9 Partnership Operations 99 § 3.10 Partnership Distributions to Partners 100 § 3.11 Sale or Other Disposition of Assets or Interests 100 § 3.12 Other Tax Issues 101 Chapter 4: Overview: Joint Ventures Involving Exempt Organizations 107 § 4.1 Introduction 107 § 4.2 Exempt Organization as General Partner: A Historical Perspective (Revised) 108 § 4.6 Revenue Ruling 2004- 51 and Ancillary Joint Ventures 116 § 4.9 Conversions from Exempt to For- Profit and from For- Profit to Exempt Entities 116 § 4.
10 Analysis of a Virtual Joint Venture 116 Chapter 5: Private Benefit, Private Inurement, and Excess Benefit Transactions 119 § 5.1 What Are Private Inurement and Private Benefit? 119 § 5.2 Transactions in Which Private Benefit or Inurement May Occur 121 § 5.3 Profit- Making Activities as Indicia of Nonexempt Purpose 123 § 5.4 Intermediate Sanctions 123 § 5.6 Planning (New) 133 § 5.7 State Activity with Respect to Insider Transactions 134 Chapter 6: Engaging in a Joint Venture: The Choices 137 § 6.1 Introduction 137 § 6.
2 LLCs (Revised) 138 § 6.3 Use of a For- Profit Subsidiary as Participant in a Joint Venture (Revised) 139 § 6.4 Supporting Organizations 158 § 6.5 Private Foundations and Program- Related Investments 158 § 6.6 Nonprofits and Bonds 163 § 6.7 Exploring Alternative Structures 165 § 6.8 Other Approaches (Revised) 169 Chapter 7: Exempt Organizations as Accommodating Parties in Tax Shelter Transactions 183 § 7.2 Prevention of Abusive Tax Shelters 183 § 7.
3 Excise Taxes and Penalties 184 Chapter 8: The Unrelated Business Income Tax 185 § 8.1 Introduction 185 § 8.3 General Rule 186 § 8.4 Statutory Exceptions to UBIT 187 § 8.5 Modifications to UBIT 188 § 8.7 Calculation of UBIT (Revised) 188 Chapter 9: Debt- Financed Income 205 § 9.1 Introduction 205 § 9.2 Debt- Financed Property 205 § 9.
3 The §514(C)(9) Exception 206 § 9.6 The Final Regulations 207 Chapter 10: Limitation on Excess Business Holdings 209 § 10.1 Introduction 209 § 10.2 Excess Business Holdings: General Rules (Revised) 209 § 10.3 Tax Imposed 225 § 10.4 Exclusions 225 Chapter 11: Impact on Taxable Joint Ventures: Tax- Exempt Entity Leasing Rules 231 § 11.3 Internal Revenue Code § 168(h) 231 § 11.5 Restrictions on Tax- Exempt Use Property 231 Chapter 12: Health Care Entities in Joint Ventures 237 § 12.
1 Overview 237 § 12.2 Classifications of Joint Ventures 239 § 12.3 Tax Analysis 239 § 12.4 Other Health Care Industry Issues 242 § 12.5 Preserving the 50/50 Joint Venture 242 § 12.9 Government Scrutiny 243 § 12.11 The Patient Protection and Affordable Care Act of 2010: § 501(R) and Other Statutory Changes Impacting Nonprofit Hospitals 244 § 12.12 The Patient Protection and Affordable Care Act of 2010: ACOs and Co- Ops: New Joint Venture Health Care Entities 247 Chapter 13: Low- Income Housing, New Markets, Rehabilitation, and Other Tax Credit Programs 249 § 13.
2 Nonprofit- Sponsored LIHTC Project 249 § 13.3 Low- Income Housing Tax Credit (Revised) 250 § 13.4 Historic Investment Tax Credit 255 § 13.6 New Markets Tax Credits (Revised) 265 § 13.10 The Energy Tax Credits 281 § 13.11 The Opportunity Zone Funds: New Section 1400Z- 1 and Section 1400Z- 2 (Revised) 282 § 13.12 The Inflation Reduction Act (Revised) 362 Appendix 13B 371 Chapter 14: Joint Ventures with Universities 387 § 14.1 Introduction (Revised) 387 § 14.
3 Colleges and Universities IRS Compliance Initiative 398 § 14.5 Faculty Participation in Research Joint Ventures 399 § 14.6 Nonresearch Joint Venture Arrangements 401 § 14.7 Modes of Participation by Universities in Joint Ventures (Revised) 402 Chapter 15: Business Leagues Engaged in Joint Ventures 417 § 15.1 Overview 417 § 15.2 The Five- Prong Test 418 § 15.3 Unrelated Business Income Tax 419 Chapter 16: Conservation Organizations in Joint Ventures 421 § 16.1 Overview 421 § 16.
2 Conservation and Environmental Protection as a Charitable or Educational Purpose: Public and Private Benefit 421 § 16.3 Conservation Gifts and § 170(H) Contributions 422 § 16.7 Emerging Issues 451 Chapter 17: International Joint Ventures 453 § 17.1 Overview (Revised) 453 § 17.3 Potential for Abuse: The Use of Charities as Accommodating Parties in International Terrorist Activities (New) 454 § 17.5 General Grantmaking Rules 457 § 17.11 Application of Foreign Tax Treaties 459 Chapter 19: Debt Restructuring and Asset Protection Issues 461 § 19.1 Introduction 461 § 19.
2 Overview of Bankruptcy 461 § 19.3 The Estate and the Automatic Stay 462 § 19.4 Case Administration 463 § 19.5 Chapter Plan 464 § 19.6 Discharge 465 § 19.7 Special Issues: Consequences of Debt Reduction 465 Index 467.