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1 Contents CHAPTER 1 1 Role of Nonprofit Organizations in Affordable Housing and Community Development Activities 1:01 Overview 1 1:02 Charitable Defined 2 1:03 Public Benefit Mission 2 1:04 Benefits of Tax-Exempt Status 3 1:05 Obtaining Tax-Exempt Status 3 1:06 Form of Entity 3 1:07 Exclusive Purpose 3 1:08 Organizational and Operational Tests 4 [1] Organizational Test 4 [2] Operational Test 5 1:09 Trade or Business Activity 6 1:10 Feeder Organizations 7 1:11 Safe Harbor Rules for Nonprofit Organizations in Affordable Housing 7 [1] Additional facts and circumstances. 8 1:12 Private Inurement Rules 9 1:14 Taxes on Excess Benefit Transactions 10 1:15 Safe Harbor Guidance on Compensatory Economic Benefits 15 CHAPTER 2 16 Public/Private Partnerships 2:01 General Rules 16 2:02 Partnership Agreements 16 2:03 Guarantees 18 2:04 Development Fees 18 2:05 IRS Guidance on Joint-Venture Arrangements 18 2:06 Regulations on Nonprofit Participation in Tax Shelters 25 CHAPTER 3 26 Nonprofit Participation in Low-Income Housing Tax Credit (LIHTC) Projects 3:01 Federal Tax Requirements 26 3:02 Tax Credit Allocation Set-asides for Nonprofit Organizations Under :03 Qualified Nonprofit Organization 27 viii

2 3:04 Development and Organization 28 3:05 Regular and Continuous 28 3:06 Individuals The 500-Hour Test 28 3:07 Closely Held C Corporation Test 29 3:08 10-Year Hold Exception 29 3:09 Right of First Refusal 29 3:10 State Property Tax Exemption 30 3:11 California Property Tax Exemption 30 [1] Organizational Requirements 31 [2] Property Operational Requirements 31 [3] California Housing Exemption Qualified 501(c)(3) Bond 34 [1] General 35 [2] Property Owned by an IRC 501(c)(3) Entity or a Governmental Unit 35 [a] Mixed-Use Rule for Property 36 [3] $150 Million Limit/Cap 36 [a] Outstanding Tax-Exempt Nonhospital Bond 37 [b] Test-Period Beneficiary 37 [c] Aggregation Rules 37 [4] Restrictions on Residential Rental Housing 38 [a] First Use of Property 38 [b] Qualified Residential Rental Projects 39 [c] Substantial Rehabilitation 39 [5] Election Out 40 CHAPTER 4 41 Tax-Exempt Use Property Depreciation Rules 4:01 General Rule 41 4:02 Depreciation Method 41 4:03 Allocation of Profit and Loss Requirements 43 4:04 Placed-In-Service Date 44 CHAPTER 5 46 Charitable Contribution of Real Estate 5:01 General Rule 46 5:02 Personal Use Property 46 ix

3 5:03 Reporting Requirements for Dispositions of Donated Property 47 5:04 Accounting for a Charitable Contribution of LIHTC Property 47 CHAPTER 6 50 Unrelated Business Taxable Income 6:01 Overview and Definitions 50 [1] Defining Unrelated Business Taxable Income 51 6:02 Income Excluded from Unrelated Business Income 51 6:03 Unrelated Trade or Business 51 [1] Halfway house workshop 52 [2] Volunteer workforce 52 [3] Selling donated merchandise Real Property versus Personal Property 53 [1] When Income Is Received from Personal Property and Real Property 53 6:05 Debt Financed Income 53 6:06 Asset Transfers to Exempt Entities 55 6:07 Asset Transfers from Exempt Entities 56 6:08 IRC 1245 Property 56 6:09 IRC 1250 Property 56 6:10 Unrelated Business Income from a Partnership 57 6:11 Facilities Financed with Tax-Exempt Bonds 57 6:12 Special rules for Organizations Described in 501(c)(7), (9), (17) or (20) 57 6:13 Situations When Management and Administrative Service Fees are UBTI 58 6:14 Income from Parking Facilities 58 [1] Substantially related activity 59 [2] Parking as a charitable activity 59 [3] Not regularly carried on 59 [4] Convenience exemption 59 [5] Rental of real property 59 [6] Volunteer services 59 6:15 Payment of Unrelated Business Income Tax 60 CHAPTER 7 62 California Nonprofit Integrity Act of :01 Nonprofit Integrity Act of [1] Application 62 x

4 [2] Filing periods 62 [3] Audit requirements 62 [4] Audit committees 63 [5] Executive compensation 63 [6] Commercial fundraisers 63 APPENDIX A USC 501 Exemption from Tax on Corporations, Certain Trusts, Etc. APPENDIX B 101 IRS Guidance Rev. Rul , I.R.B 102 Rev. Rul , I.R.B. ISSUE 107 Revenue Procedure Private Letter Ruling Private Letter Ruling General Counsel Memorandum APPENDIX C 143 Case Law Housing Pioneers Inc. v. Commissioner 144 St. David s Health Care System Inc. v. United States of America 153 Plumstead Theatre Society Inc. v. Commissioner 169 Redlands Surgical Services v. Commissioner 172 APPENDIX D 214 Nonprofit Integrity Act of 2004 (SB 1262) APPENDIX E 234 Links to Nonprofit Property Tax Exemptions APPENDIX F 243 IRS Exempt Organization Technical Topics 1999 CPE Text Exempt Organizations-Technical Topics Whole Hospital Joint Ventures 244 Exempt Organizations-Technical Instruction Program for FY 2003 Housing Partnership Agreements 263 Memorandum for Manager, EO Determination, Robert S. Choi, July 30, APPENDIX G 284 Industry Articles IRS Steps up Scrutiny of 501(c)(3)s and Tax-Exempt Bond Financing Transactions 285 xi

5 Using 501(c)(3) Bonds with GNMA Credit: An Alternative Tax-Exempt Bond Structure 289 Bond Financing for 501(c)(3) Organizations: What Not-For-Profits Need to Know (c)(3) Bond Opportunities for Nonprofits and For-Profits 296 Accounting for a Charitable Contribution of LIHC Property 300 Housing Nonprofits: Benefits and Burdens 303 Q&A with Monica Sussman: HUD Notice H IRS Exempts LIHTC, NMTC Transactions from Reportable Transaction Disclosure Rules 312 Practical Implementation of IRS Directive: A Safe Harbor for New LIHTC Not-for-Profits and IRC IRS Changes Accounting Method for Partnership Activity Reported on Form xii

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