What are we to make of the Mysteryboy case recently handed down by the Tax Court (Mysteryboy Incorporation v. Commissioner, filed January 26, 2010)?
Month: January 2010
EO Tax Journal 2010-16
1 – EO Revenue Procedures Updated
The annual updating of the basic EO revenue procedures has taken place with few changes.
Rev. Proc. 2010-4, on TE/GE letter ruling requests, has mostly minor revisions. An additional circumstance under which EO Technical will not issue letter rulings is added as section 6.18.
EO Tax Journal 2010-15
Last Friday ABA tax attorneys met in San Antonio. As part of the gathering, EO practitioners had their usual daylong meeting. For those of us not in attendance, my transcriber is already working on the first session. Now you know why she hates me.
EO Tax Journal 2010-14
Yesterday I had Marc Owens’ testimony at Wednesday’s hearing on the proposed section 7611 regulations. Today I have the testimony of Pennsylvania attorney David Epstein.
EO Tax Journal 2010-13
A hearing on the proposed section 7611 regulations was held yesterday, featuring three commenters. For the proposed regulations, see EOTJ, vol. 14, no. 4, p. 158. For written comments on the proposed regulations, see EOTJ, vol. 14, no. 6, pp. 145-171. What follows is the prepared testimony of Marc Owens for the hearing. Joining Owens in commenting were Pennsylvania attorney David Epstein and Erik Stanley, senior legal counsel, Alliance Defense Fund.
EO Tax Journal 2010-12
1 – Leave Our Guy Alone
In Monday’s email update on The Chronicle of Higher Education’s annual survey of salaries of leaders of public universities, it was noted that “As in 2008, E. Gordon Gee, president of Ohio State University, topped the Chronicle’sranking for 2009, with an annual compensation package valued at nearly $1.6 million.”
EO Tax Journal 2010-11
1 – David Epstein on Marc Owens’ Comments on Need for Determinations Function
2 – Jim Hasson on University Tax Avoidance
3 – Pay Rises for Leaders of Colleges, Survey Says
_______________________
EO Tax Journal 2010-10
Today I have more on the Harvard audit and news that Suffolk University is joining Harvard in being targeted by the IRS.
Harvard Natural Target for IRS Audit, Administrator Says
University is one of 40 institutions of higher education to be audited
EO Tax Journal 2010-9
Hopefully the kids at the Harvard Crimson will demand that Harvard make its IRS audit transparent. Aren’t students, as well as other Harvard constituencies, entitled to know what is going on? Speaking of transparency, if exemption applications and Form 990s and 990-Ts are open to public inspection, why are EO audits not open to the public?
EO Tax Journal 2010-8
The reported audit of Harvard is a challenge for both Harvard and the IRS. Harvard needs to justify its compensation practices and its many joint ventures, among other issues. The IRS needs to show that is can assemble a first-class team from its Examinations function to audit an exempt organization that will field a team of the country’s best accountants and attorneys. The IRS Office of Chief Counsel needs to support this effort and demonstrate that its staff can compete with the best that the private sector offers. The IRS folks in Washington, from the commissioner on down, need to demonstrate fortitude as Harvard rallies its allies on the Hill and in the Obama Administration.
EO Tax Journal 2010-7
1 – Advice for EOs from Former Director of Tax-Exempt Bonds
2 – ABA Comments on Recently-Enacted Section 265(b)(3)(G) As It Impacts 501(c)(3) Organization
_________________________
EO Tax Journal 2010-6
1 – AHA’s Advice to Nancy Pelosi and Harry Reid
In a January 7 letter, the American Hospital Association says Schedule H is “seriously flawed.”
2 – Marc Owens on Need for Determinations Function
EO Tax Journal 2010-5
1 – Charlotte Observer: “For Too Many Nonprofits, Charity Starts at the Top”
What a reporter for the Charlotte Observer did in the Carolinas should be done by the IRS nationwide. And if the IRS is not applying section 4958 to the cases identified in the article, reprinted infra, when will it ever?
EO Tax Journal 2010-4
1 – FASB To Form Not-for-Profit Advisory Committee
2 – Editor’s Commentary on New Agency to Regulate Charities
3 – Latest Comment Letter on Proposed 509(a)(3) Regs
_______________________
EO Tax Journal 2010-3
1 – Sandy Deja Writes Authors of Anything Goes: Approval of Nonprofit Status by the IRS
2 – Law Professor Advocates Creation of New Agency to Regulate Charities
__________________________
EO Tax Journal 2010-2
1 – My bookshelf, feel free to skip
2 – What others have to say
3 – Does the IRS governance initiative cover this?
4 – More comments on proposed 509(a)(3) regs
A – Comments of Lettie Pate Foundations
EO Tax Journal 2010-1
More comment letters today on the proposed 509(a)(3) regulations on Payout Requirements for Type III Supporting Organizations That Are Not Functionally Integrated.