CHAPTER FOUR

Private Inurement, Private Benefit, and Excess Benefit Transactions

p. 64, first complete paragraph. Insert as last sentences, with n. 7 transferred to end of the first of these sentences:

Indeed, most categories of exempt organizations, including exempt health insurance issuers,6.1 are subject to the private inurement doctrine. Nonetheless, nearly all of the law concerning application of the private inurement doctrine has been developed in connection with transactions involving charitable organizations.

p. 64, n. 7. Delete IRC citations, change 13 to 14, and change 14 to 15.

§ 4.1 ESSENCE OF PRIVATE INUREMENT

(a) Private Inurement Defined

p. 66, second complete paragraph, first line. Delete Occasionally and insert Frequently.

(c) Incidental Private Inurement

p. 68, first complete paragraph, fifth line. Delete and substitute:

IRS promulgated regulations that state the criteria

p. 68, first complete paragraph, sixth line. Delete will apply and insert applies.

p. 68, n. ...

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