John Colombo’s Prepared Hearing Testimony
Today I’m finishing sending out the prepared testimony from last Wednesday’s House Oversight Subcommittee hearing with that of Professor John Colombo. His remarks focused on commercial activity by charities (“a growing phenomenon”) and whether such activity (1) jeopardizes the organization’s tax-exempt status and (2) whether it is subject to tax under the unrelated business income tax provisions. Unfortunately, as he notes and we know, “the income tax rules surrounding commercial activity are confused and contradictory.”