TITLE

IRS Ruling: 501(c)(3) Agreements Don't Endanger Bonds' Exempt Status

AUTHOR(S)
Duff, Susanna
PUB. DATE
June 2003
SOURCE
Bond Buyer;6/17/2003, Vol. 344 Issue 31658, p5
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The U.S. Internal Revenue Service (IRS) has released a private-letter ruling that finds a joint operating agreement entered into by 501 (c) (3) organizations does not constitute private business use and would not jeopardize the tax-exempt status of bonds issued to finance a project operated by one of the organizations. In the March 5 private-letter ruling released on June 16, 2003, the IRS addressed a situation in which several 501 (c) (3) organizations entered into a joint operating agreement that created shared management of health care services and facilities owned by two not-for-profit hospitals. In the most recent related ruling, the IRS in December determined that a limited partnership and a general partnership created by two 501 (c) (3) organizations to manage and operate their hospital could lease the parking garage of one of the hospitals without making the bonds that financed it taxable.
ACCESSION #
10112200

 

Related Articles

  • IRS Revamps Web Site to Better Answer Bond Questions. Newman, Emily // Bond Buyer;1/21/2005, Vol. 351 Issue 32054, p5 

    This article reports that the U.S. Internal Revenue Service's (IRS) tax-exempt bond office has restructured its Web site to provide bond market participants with better-organized, more accessible information on tax-exempt bond topics. The other section on abusive tax transactions would present...

  • IRS Closes Audit of Pa. School District, Upholds Tax-Exempt Status of Bonds. Ferris, Craig T. // Bond Buyer;10/6/2006, Vol. 358 Issue 32482, p36 

    The article reports on the audit closure of the $27.7 million of Series 2002 general obligation bonds of the Internal Revenue Service, which was issued by Wilson's School District in Pennsylvania and maintained the tax-exempt status of the bonds. The bonds were closed to finance several capital...

  • ABA Report Shows One Bond Attorney Unhappy With Appeals. McConnell, Alison L. // Bond Buyer;9/21/2007, Vol. 361 Issue 32718, p5 

    The article reports on the issues concerning the U.S. Internal Revenue Service (IRS) appeals process. According to a survey of the American Bar Association (ABA), tax attorneys are generally satisfied with the fairness of the IRS appeals process, but at least one bond attorney believes appeals...

  • Panel to Weigh Urging Bond Counsel About IRS Sanctions. Hume, Lynn // Bond Buyer;6/15/2004, Vol. 348 Issue 31905, p4 

    Reports that the Government Finance Officers Association's committee on governmental debt management has considered revising its guidelines to encourage issuers to ask bond counsel and finance professionals whether they have been sanctioned by the U.S. Internal Revenue Service. Update on the...

  • IRS Names Som de Cerff Senior Technician Reviewer. Hime, Lynn // Bond Buyer;2/24/2005, Vol. 351 Issue 32077, p29 

    The article informs that Johanna Som de Cerff has been named senior technician reviewer for the tax-exempt branch in the Internal Revenue Service's office of chief counsel, a post in which she will be working on refunding rules and allocation and accounting rules. Som de Cerff, who was assistant...

  • Examination. Jones, Larry // Journal of Tax Practice & Procedure;Aug/Sep2008, Vol. 10 Issue 4, p5 

    The article discusses the U.S. Internal Revenue Service (IRS) requirements for taxpayers to substantiate all expenses on a tax return and offers information to help substantiate these expenses. Focus is given on various tax codes including Code Section 6001 that requires taxpayers to maintain...

  • IRS Auditing $19 Million of Missouri IDA Tax-Increment Refunding Bonds. Hume, Lynn // Bond Buyer;6/16/2011, Vol. 376 Issue 33534, p4 

    The article reports on the audit made by the U.S. Internal Revenue Service (IRS) on the 19 million U.S. dollars tax-increment refunding revenue bonds issued by the Industrial Development Authority (IDA) of the City of Florissant in Missouri in 2003.

  • IRS Help for Financially Distressed Taxpayers.  // Tennessee Tribune;3/31/2011, Vol. 22 Issue 13, p14A 

    The article reports on the move of the U.S. Internal Revenue Service (IRS) to help financially distressed taxpayers including mortgage workouts and foreclosures and prevention of offer in Compromise default.

  • Naming-Rights Clarion. Duff, Susanna // Bond Buyer;3/17/2003, Vol. 343 Issue 31594, p1 

    Reports on municipal bond attorneys' request to the U.S. Internal Revenue Service to issue formal guidance on tax-exempt bond deals involving naming rights for sports and conventions. Cause of concerns over the issue; Issues raised by municipal bond attorneys; Analysts' opinion about the issue.

Share

Read the Article

Courtesy of VIRGINIA BEACH PUBLIC LIBRARY AND SYSTEM

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics