April 2020
Intermediate to advanced
944 pages
33h 53m
English
Content preview from Tax Planning and Compliance for Tax-Exempt Organizations, 6th Edition
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CHAPTER 20Private Inurement and Intermediate Sanctions
- 20.1 Defining Inurement
- 20.2 Salaries and Other Compensation
- 20.3 Setting Salary
- 20.4 Housing and Meals
- 20.5 Purchase, Lease, or Sale of Property or Services
- 20.6 Loans and Guarantees
- 20.7 For‐Profit to Nonprofit and Vice Versa
- 20.8 Services Rendered for Individuals
- 20.9 Joint Ventures
- 20.10 Intermediate Sanctions
Organizations exempt under most categories of Internal Revenue Code (IRC) §501 must meet two separate tests to retain exemption. The first test, called the organizational test, ensures that no one owns an exempt organization. No dividends are paid; shareholders exist only in certain membership organizations; and the circumstances under which funds can be returned to the members in the business league, social club, or other category are limited. When recognizing an organization’s exempt status, the Internal Revenue Service (IRS) applies this test to review the charter, bylaws, and other organizational ...
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