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Additional Requirements for Hospitals (I.R.C. 501(r))
Financial Assistance Policy and Emergency Medical Care Policy See Treas. Reg. 1.501(r)-4. Regarding the requirement to list providers, also see Notice 2015-46. Community Health Needs Assessment See Treas. Reg. 1.501(r)-3. Section (a)(1) requires the CHNA within the current year or the preceding two taxable years. Section (a)(2) requires the adoption of an implementation strategy on […] READ MORE
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Accelerated Cost Recovery System; MACRS; ADS (I.R.C. 168)
ADS for Electing Real Property Trade or Business (168(g)(8) Rev. Proc. 2019-08 (December 21, 2018) clarifies and confirms that the alternative depreciation system (ADS) applies to existing property as it does to newly-acquired property upon election made to be an electing real property trade or business. The result is the application of ADS to property […] READ MORE
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Taxable Advance Refundings (I.R.C. 149)
See Chief Counsel Advice 201843009 which concludes that “section 149(d), as amended by § 13532 of the 2017 Act, does not preclude the issuance of tax-exempt bonds to advance refund non-tax-advantaged, taxable bonds under the facts described below. There will not be two sets of tax-advantaged bonds outstanding for the same project or activity.” READ MORE
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General Rules Regarding Inclusion (I.R.C. 451)
September 28, 2018: Note that Notice 2018-80 announces the Treasury Department’s intent to not require current inclusion of market discount under I.R.C. 451(b). Market discount under I.R.C. 1276 is usually deferred until the bond is sold. Questions had arisen regarding the impact on this rule by the new provisions of 451 introduced as part of […] READ MORE
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Registration Requirement (149(a))
PLR 201806007 (Nov. 9, 2017): A certain registration system of loans was deemed to be a book-entry system that satisfies the registration requirement of section 149(a) and is in registered form under section 5f.103-1(c)(1)(ii). READ MORE
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Opportunity Zones (I.R.C. 1400Z-1, etc.)
From the Senate Amendment summary stated in the Conference Report for the Tax Cuts and Jobs Act, H.R. 1: The provision provides for the temporary deferral of inclusion in gross income for capital gains reinvested in a qualified opportunity fund and the permanent exclusion of capital gains from the sale or exchange of an investment […] READ MORE
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Establishment Clause
Gaylor v. Mnuchin, DC Wisc. (Oct. 12, 2017): “A federal district court has once again decided that the exemption for housing allowances provided to ministers under Code Sec. 107(2) violates the Establishment Clause. The court determined that the purpose and effect of the statute was to provide financial assistance to ministers without any consideration for […] READ MORE
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Overall Limitation on Deductions (I.R.C. 68)
Read the following for a good description of the Pease limitation on deductions established under I.R.C. 68: https://www.scottkays.com/article/2015/04/09/pease-limitation-explained READ MORE
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Trust Classification (I.R.C. 7701)
General Discussion: Section 301.7701-4(c)(1) of the regulations (part of the “Sears Regulations”) provides that an investment trust that has multiple classes of ownership interests is ordinarily classified as a business entity under section 301.7701-2. An investment trust that has multiple classes of ownership interest, however, is classified as a trust for tax purposes if (1) […] READ MORE
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Qualified Zone Academy Bonds (I.R.C. 54E)
Private Business Contribution Requirement Under Section 54E(a)(3)(B), the issuer must certify that it has written assurances that the “private business contribution” requirement will be met with respect to the academy. The private business contribution requirement is described in Section 54E(b) of the Code. Under that section, the requirement is met with respect to any issue […] READ MORE
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Qualified School Construction Bonds (I.R.C. 54F)
Volume Cap Allocations According to statements by Aviva Roth (who, as of May 2010 is no longer at TEB) at the 2009 Bond Attorneys Workshop in Phoenix, QSCB allocations from the IRS to large local school districts cannot be carried forward by such large local school districts. The allocations must be transferred to the state. […] READ MORE
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Charitable, Etc., Contributions and Gifts (I.R.C. 170)
Disallowance of Deduction in Certain Cases and Special Rules Under I.R.C. 170(f)(8), no charitable deduction is allowed for any contribution of $250 or more unless the taxpayer substantiates the contribution by a “contemporaneous written acknowledgment” (CWA) of the contribution by the donee organization. This CWA is typically the letter provided by the entity receiving the […] READ MORE
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