EO Tax Journal

1 – Coming Attractions

2 – AHA Concerned About Schedule H “Flaws”
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1 – Coming Attractions

27th Annual “Representing & Managing Tax-Exempt Organizations” Conference
April 22-23, 2010, Washington, D.C.
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My bookshelf

I kind of skimmed Sarah Palin’s book, Going Rogue, so I shouldn’t comment on what I didn’t really read. From another source, I learned that Palin has ancestors from County Roscommon in Ireland. Well, my mother’s family goes back to County Roscommon, too. Who knows, I may be a distant cousin. If Palin becomes President, someone remind her of that. I’d like to be an ambassador, preferably to a country where the living is good and the toasts never end.

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Scanning the news, I see the following:

(1) The IRS’s favorite church was on the front page of yesterday’s New York Times. See “Breaking with Scientology: Defectors Say Church Hides Its Abuse of Staff Members,” by Laurie Goodstein.

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ABA’s Recommendations for More PRI Examples

I’m reprinting below the recent comments of the ABA’s Tax Section. I’ve also reprinted my prior comments on the ABA’s earlier recommendations. I continue to have concerns that we will have an “anything goes” situation with private foundations and their PRIs. Who determines a below-market rate of interest and how? Who determines that conventional sources of financing are not available and how? Who determines that no for-profit investors are interested and how? Should equity investments and “equity kickers” be allowed in any instances? Doesn’t the potential for high profits attract venture capital? Should foundations become owners of the ventures they are financing?

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Well, it’s done. All the transcripts of the January 22 meeting of the EO Committee of the ABA’s Tax Section have been completed with today’s transcript on social clubs. For those suffering withdrawal pains, they’ll do it all again in May.

Update on Social Clubs and Section 501(c)(7)
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