*p. 548, second complete paragraph, fourteenth line. Delete (or entity).
*p. 548, second complete paragraph, sixteenth line. Delete it and insert the organization.
§ 20.1 CONCEPT OF PRIVATE INUREMENT
*p. 550, first complete paragraph, ninth line. Insert general following first the.
p. 550, note 29. Insert following existing text:
Occasionally, the IRS applies the private inurement doctrine, in a case involving a transaction or arrangement with an insider, without making any judgment as to the reasonableness of the matter (e.g., Priv. Ltr. Rul. 201548021).
*§ 20.3 DEFINITION OF INSIDER
*p. 552, second paragraph under heading, sixth line. Delete founders,.
*p. 552, second paragraph under heading, seventh line. Delete certain.
*p. 555, note 71. Move Sound Health Ass'n citation to be first item in footnote.
*§ 20.4 COMPENSATION ISSUES
*(b) Determining Reasonableness of Compensation
*p. 560, note 107, first line. Insert following Also:
H.W. Johnson v. Comm'r, 111 T.C.M. 1418 (2016);
*p. 560, note 109, second line. Delete T.C. Memo. 2015-53 (Mar. 23, 2015) and substitute 109 T.C.M. 1245 (2015).
§ 20.5 OTHER FORMS OF PRIVATE INUREMENT
*p. 564, second paragraph, second line. Delete are and insert involve.
*(e) Equity Distributions
p. 567, carryover paragraph. ...