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 Foundation''s Activities That Limit Excess Business Holdings 4 § 1.24 Other Developments 4 Chapter 2: Taxation of Charitable Organizations 9 § 2.1 Introduction 9 § 2.

2 Categories of Exempt Organizations (Revised) 15 § 2.3 § 501(c)(3) Organizations: Statutory Requirements 19 § 2.4 Charitable Organizations: General Requirements 22 § 2.5 Categories of Charitable Organizations (New) 23 § 2.6 Application for Exemption 25 § 2.7 Governance 34 § 2.8 Form 990: Reporting and Disclosure Requirements (Revised) 35 § 2.9 Redesigned Form 990 (New) 37 § 2.

10 The IRS Audit (Revised) 37 § 2.11 Charitable Contributions (Revised) 42 Chapter 3: Taxation of Partnerships and Joint Ventures 53 § 3.1 Scope of Chapter 53 § 3.3 Classification as a Partnership (Revised) 56 § 3.4 Alternatives to Partnerships 70 § 3.7 Formation of Partnership 70 § 3.8 Tax Basis in Partnership Interest 70 § 3.9 Partnership Operations 71 § 3.

10 Partnership Distributions to Partners 72 § 3.11 Sale or Other Disposition of Assets or Interests 72 § 3.12 Other Tax Issues 73 Sanders985204_ftoc.indd 7 10/11/2022 1:39:28 AM Contents viii Chapter 4: Overview: Joint Ventures Involving Exempt Organizations 79 § 4.1 Introduction 79 § 4.2 Exempt Organization as General Partner: A Historical Perspective 80 § 4.6 Revenue Ruling 2004-51 and Ancillary Joint Ventures 82 § 4.9 Conversions from Exempt to For-Profit and from For-Profit to Exempt Entities 82 § 4.

10 Analysis of a Virtual Joint Venture 82 Chapter 5: Private Benefit, Private Inurement, and Excess Benefit Transactions 85 § 5.1 What Are Private Inurement and Private Benefit? 85 § 5.2 Transactions in Which Private Benefit or Inurement May Occur 87 § 5.3 Profit-Making Activities as Indicia of Nonexempt Purpose 89 § 5.4 Intermediate Sanctions (Revised) 89 § 5.7 State Activity with Respect to Insider Transactions 99 Chapter 6: Engaging in a Joint Venture: The Choices 101 § 6.1 Introduction 101 § 6.2 LLCs 102 § 6.

3 Use of a For-Profit Subsidiary as Participant in a Joint Venture (Revised) 103 § 6.5 Private Foundations and Program-Related Investments (Revised) 115 § 6.6 Nonprofits and Bonds 120 § 6.7 Exploring Alternative Structures (Revised) 122 § 6.8 Other Approaches 126 Chapter 7: Exempt Organizations as Accommodating Parties in Tax Shelter Transactions 135 § 7.2 Prevention of Abusive Tax Shelters 135 § 7.3 Excise Taxes and Penalties 136 Chapter 8: The Unrelated Business Income Tax 137 § 8.1 Introduction 137 § 8.

3 General Rule 138 § 8.4 Statutory Exceptions to UBIT 139 § 8.5 Modifications to UBIT 140 § 8.7 Calculation of UBIT 140 Chapter 9: Debt-Financed Income 157 § 9.1 Introduction 157 § 9.2 Debt-Financed Property 157 § 9.3 The §514(c)(9) Exception (New) 158 § 9.6 The Final Regulations 158 Sanders985204_ftoc.

indd 8 10/11/2022 1:39:28 AM Contents ix Chapter 10: Limitation on Excess Business Holdings 161 § 10.1 Introduction 161 § 10.2 Excess Business Holdings: General Rules (Revised) 161 § 10.3 Tax Imposed 163 § 10.4 Exclusions (Revised) 164 Chapter 11: Impact on Taxable Joint Ventures: Tax-Exempt Entity Leasing Rules (New) 169 § 11.3 Internal Revenue Code § 168(H) 169 Chapter 12: Healthcare Entities in Joint Ventures 171 § 12.1 Overview 171 § 12.2 Classifications of Joint Ventures 172 § 12.

3 Tax Analysis 173 § 12.4 Other Healthcare Industry Issues 175 § 12.5 Preserving the 50/50 Joint Venture 176 § 12.9 Government Scrutiny 176 § 12.11 The Patient Protection and Affordable Care Act of 2010: § 501(R) and Other Statutory Changes Impacting Nonprofit Hospitals 177 § 12.12 The Patient Protection and Affordable Care Act of 2010: ACOs and Co-Ops: New Joint Venture Healthcare Entities (Revised) 180 Chapter 13: Low-Income Housing, New Markets, Rehabilitation, and Other Tax Credit Programs 181 § 13.2 Nonprofit-Sponsored LIHTC Project 181 § 13.3 Low-Income Housing Tax Credit (Revised) 182 § 13.

4 Historic Investment Tax Credit 186 § 13.6 New Markets Tax Credits (Revised) 196 § 13.10 The Energy Tax Credits 212 § 13.11 The Opportunity Zone Funds: New Section 1400Z-1 and Section 1400Z-2 (Revised) 213 Appendix 13B 275 Chapter 14: Joint Ventures with Universities 291 § 14.1 Introduction 291 § 14.3 Colleges and Universities IRS Compliance Initiative 297 § 14.5 Faculty Participation in Research Joint Ventures 298 § 14.6 Nonresearch Joint Venture Arrangements 301 § 14.

7 Modes of Participation by Universities in Joint Ventures (Revised) 301 Sanders985204_ftoc.indd 9 10/11/2022 1:39:28 AM Contents x Chapter 15: Business Leagues Engaged in Joint Ventures 313 § 15.1 Overview 313 § 15.2 The Five-Prong Test (Revised) 314 § 15.3 Unrelated Business Income Tax 315 Chapter 16: Conservation Organizations in Joint Ventures 317 § 16.1 Overview 317 § 16.2 Conservation and Environmental Protection as a Charitable or Educational Purpose: Public and Private Benefit 317 § 16.3 Conservation Gifts and § 170(H) Contributions (Revised) 318 § 16.

7 Emerging Issues 344 Chapter 17: International Joint Ventures 345 § 17.5 General Grantmaking Rules 345 § 17.11 Application of Foreign Tax Treaties 347 Chapter 19: Debt Restructuring and Asset Protection Issues 351 § 19.1 Introduction 351 § 19.2 Overview of Bankruptcy 351 § 19.3 The Estate and the Automatic Stay 352 § 19.4 Case Administration 353 § 19.5 Chapter 11 Plan 354 § 19.

6 Discharge 355 § 19.7 Special Issues: Consequences of Debt Reduction 355 Index 000.