Stay informed about the latest legislative, regulatory, and case law developments in the area of tax-exempt organization taxation and compliance
In the 2021 Supplement to the 6th edition of Tax Planning and Compliance for Tax-Exempt Organizations: Rules, Checklists, Procedures, readers will find authoritative guidance and insightful commentary on the latest regulatory and legislative changes affecting public charities, private foundations, civic associations, business leagues, and social clubs. The Supplement also includes comprehensive coverage of the most important cases and common law developments governing tax-exempt organizations, the managers who oversee them, and the professionals who advise them.
Written by one of the leading authorities in the field, this latest update to a complex and rapidly evolving area of the law is an indispensable and reliable companion to the most recent edition of Tax Planning and Compliance for Tax-Exempt Organizations.
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Preface ix
Part I Qualifications of Tax-Exempt Organizations 1
Chapter 1 Distinguishing Characteristics of Tax-Exempt Organizations 3
§ 1.8 Developments Responding to COVID-19
Chapter 2 Qualifying Under IRC § 501(c)(3) 11
§ 2.2 Operational Test
Chapter 3 Religious Organizations 19
§ 3.2 Churches
Chapter 4 Charitable Organizations 23
§ 4.1 Relief of the Poor
§ 4.3 Lessening the Burdens of Government
§ 4.5 Advancement of Education and Science
§ 4.6 Promotion of Health
Chapter 5 Educational, Scientific, and Literary Purposes and Prevention of Cruelty to Children and Animals 29
§ 5.1 Educational Purposes
Chapter 6 Civic Leagues and Local Associations of Employees: § 501(c)(4) 31
§ 6.2 Qualifying and Nonqualifying Civic Organizations
Chapter 9 Social Clubs: § 501(c)(7) 35
§ 9.4 Revenue Tests
Chapter 11 Public Charities 37
§ 11.2 ‘Inherently Public Activity’ and Broad Public Support: § 509(a)(1)
§ 11.5 Difference Between § 509(a)(1) and § 509(a)(2)
Part II Standards For Private Foundations 39
Chapter 12 Private Foundations–General Concepts 41
§ 12.4 Termination of Private Foundation Status
Chapter 14 Self-Dealing: IRC § 4941 43
§ 14.2 Sale, Exchange, or Lease of Property
§ 14.5 Transactions That Benefit Disqualified Persons
Chapter 15 Minimum Distribution Requirements: IRC § 4942 45
§ 15.1 Assets Used to Calculate Minimum Investment Return
§ 15.2 Measuring Fair Market Value
§ 15.4 Qualifying Distributions
Chapter 16 Excess Business Holdings and Jeopardizing Investments: IRC §§ 4943 and 4944 51
§ 16.1 Excess Business Holdings
§ 16.2 Jeopardizing Investments
Chapter 17 Taxable Expenditures: IRC § 4945 53
§ 17.3 Grants to Individuals
§ 17.4 Grants to Public Charities
Part III Obtaining and Maintaining Tax-Exempt Status 59
Chapter 18 IRS Filings, Procedures, and Policies 61
§ 18.1 IRS Determination Process
§ 18.2 Annual Filing of Form 990
§ 18.4 Weathering an IRS Examination
Chapter 19 Maintaining Exempt Status 77
§ 19.1 Checklists
Chapter 20 Private Inurement and Intermediate Sanctions 85
§ 20.11 New § 4960 Excise Tax on Excess Compensation
Chapter 21 Unrelated Business Income 89
§ 21.4 Definition of Trade or Business
§ 21.8 Unrelated Activities
§ 21.10 Income Modifications
§ 21.11 Calculating and Minimizing Taxable Income
Chapter 23 Electioneering and Lobbying 95
§ 23.3 Tax on Political Expenditures
Chapter 24 Deductibility and Disclosures 99
§ 24.1 Overview of Deductibility
§ 24.2 The Substantiation and Quid Pro Quo Rules
§ 24.3 Valuing Donor Benefits
Chapter 25 Employment Taxes 105
§ 25.1 Distinctions Between Employees and Independent Contractors
Index 111
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