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 Market Tax Credit Joint Ventures 1 § 1.6 Conservation Joint Ventures 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 § 1.24 Other Developments 3 Chapter 2: Taxation of Charitable Organizations 5 § 2.1 Introduction 5 § 2.2 Categories of Exempt Organizations 5 § 2.3 §501(c)(3) Organizations: Statutory Requirements 5 § 2.6 Application for Exemption 6 § 2.7 Governance 11 § 2.

8 Form 990: Reporting and Disclosure Requirements 11 § 2.11 Charitable Contributions 13 Chapter 3: Taxation of Partnerships and Joint Ventures 15 § 3.3 Classification as a Partnership 15 § 3.4 Alternatives to Partnerships 15 § 3.8 Tax Basis in Partnership Interest 16 § 3.9 Partnership Operations 17 § 3.11 Sale or Other Disposition of Assets or Interests 17 § 3.12 Other Tax Issues 18 Chapter 4: Overview: Joint Ventures Involving Exempt Organizations 21 § 4.

2 Exempt Organization as General Partner: A Historical Perspective 21 NEW: § 4.10 Analysis of a Virtual Joint Venture 22 Chapter 5: Private Benefit, Private Inurement, and Excess Benefit Transactions 25 § 5.1 What Are Private Inurement and Private Benefit? 25 § 5.2 Transactions in Which Private Benefit or Inurement May Occur 26 § 5.3 Profit-Making Activities as Indicia of Nonexempt Purpose 27 § 5.4 Intermediate Sanctions 28 § 5.7 State Activity with Respect to Insider Transactions 28 Chapter 6: Engaging in a Joint Venture: The Choices 31 § 6.2 LLCs 31 § 6.

3 Use of a For-Profit Subsidiary as Participant in a Joint Venture 31 § 6.5 Private Foundations and Program-Related Investments 34 § 6.6 Nonprofits and Bonds 38 § 6.7 Exploring Alternative Structures 40 § 6.8 Other Approaches 40 Chapter 7: Exempt Organizations as Accommodating Parties in Tax Shelter Transactions 43 § 7.2 Prevention of Abusive Tax Shelters 43 § 7.3 Excise Taxes and Penalties 44 Chapter 8: The Unrelated Business Income Tax 45 § 8.1 Introduction 45 § 8.

3 General Rule 46 Chapter 9: Debt-Financed Income 47 § 9.1 Introduction 47 § 9.2 Debt-Financed Property 47 Chapter 10: Limitation on Excess Business Holdings 49 § 10.1 Introduction 49 § 10.2 Excess Business Holdings: General Rules 49 § 10.3 Tax Imposed 49 § 10.4 Exclusions 49 Chapter 12: Healthcare Entities in Joint Ventures 51 § 12.2 Classifications of Joint Ventures 51 § 12.

3 Tax Analysis 51 § 12.4 Other Healthcare Industry Issues 52 § 12.5 Preserving the 50/50 Joint Venture 53 § 12.9 Government Scrutiny 53 § 12.11 The Patient Protection and Affordable Care Act of 2010: §501(r) and Other Statutory Changes Impacting Nonprofit Hospitals 53 § 12.12 The Patient Protection and Affordable Care Act of 2010: ACOs and Co-Ops: New Joint Venture Healthcare Entities 57 Chapter 13: Low-Income Housing, New Markets, Rehabilitation, and Other Tax Credit Programs 59 § 13.3 Low-Income Housing Tax Credit 59 § 13.4 Historic Investment Tax Credit 60 § 13.

6 New Markets Tax Credits 64 § 13.10 The Energy Tax Credits 75 Chapter 14: Joint Ventures with Universities 77 § 14.5 Faculty Participation in Research Joint Ventures 77 § 14.6 Nonresearch Joint Venture Arrangements 77 § 14.7 Modes of Participation by Universities in Joint Ventures 78 Chapter 15: Business Leagues Engaged in Joint Ventures 81 § 15.1 Overview 81 § 15.2 The Five-Prong Test 82 § 15.3 Unrelated Business Income Tax 83 Chapter 16: Conservation Organizations in Joint Ventures 85 § 16.

1 Overview 85 § 16.2 Conservation and Environmental Protection as a Charitable or Educational Purpose: Public and Private Benefit 85 § 16.3 Conservation Gifts and §170(h) Contributions 87 § 16.7 Emerging Issues 97 Chapter 17: International Joint Ventures 99 § 17.11 Application of Foreign Tax Treaties 99 Chapter 19: Debt Restructuring and Asset Protection Issues 101 § 19.2 Overview of Bankruptcy 101 § 19.3 The Estate and the Automatic Stay 101 § 19.5 Chapter 11 Plan 102 Index 103.