Tax Exemptions

News & Analysis as of

Seventh Circuit: Plaintiffs Lacked Standing to Challenge Tax Exemption for Ministerial Rental Allowances

In November 2013, the U.S. District Court for the Western District of Wisconsin declared unconstitutional Section 107(2) of the Internal Revenue Code, which excludes from gross income rental allowances paid to ministers as...more

High Court Affirms Theater, Church’s Entitlement to State’s “Mandatory” Property Tax Exemption

The Court of Appeals, New York’s highest court, recently published decisions in the Maetreum of Cybele v. McCoy and Merry-Go-Round Playhouse, Inc. v. Auburn cases. In these decisions, the Court affirmed that the exemptions...more

Freedom From Religion Foundation: 7th Circuit Reminds That Standing Is Every Plaintiff's Cross to Bear

There is something to be said for not paying your taxes. At least, that is one lesson that the plaintiffs may have learned from the Seventh Circuit’s opinion last Thursday in Freedom from Religion Foundation, Inc. v. Lew, No....more

On-Premises Fringe Benefits, Part I: Is There Such a Thing as a Free Lunch?

It is no secret that many Silicon Valley employers serve free gourmet meals to their employees—the Wall Street Journal, Bon Appétit magazine, Time, Forbes, and other media sources have reported on this benefit. In addition,...more

ACO Participation By Tax-Exempt Healthcare Organizations – Is Tax-Exempt Financing at Stake?

Does A Tax-Exempt Healthcare Organization’s Participation in an Accountable Care Organization (ACO) Adversely Affect Its Tax-Exempt Financing? IRS Notice 2014-67 Provides Guidance....more

IRS Provides Increased Flexibility on Management Contracts for Tax-Exempt Bond-Financed Property

On October 24, 2014, the Internal Revenue Service issued Notice 2014-67 (the “Notice”), which provides important guidance and increased flexibility for issuers and conduit borrowers of tax-exempt bonds regarding contracting...more

Tax Law Blog: More 2015 Tax Numbers Released, Including Tax Brackets

I previously posted about the increase in retirement plan contribution limits for 2015. This week the IRS announced the tax brackets, personal exemption, and standard deduction amounts for tax year 2015. To be clear, the new...more

Should You Transfer Unused Gift and Estate Tax Exemptions to a Surviving Spouse? (Part I)

The word "portability" in an estate tax context refers to the ability to transfer a deceased spouse's unused gift and estate tax "exemption" (technically known as the "basic exclusion amount" or the "BEA") to the surviving...more

Internal Revenue Service Releases Notice Liberalizing the Private Business Use

On October 24, 2014, the Internal Revenue Service (“IRS”) released Notice 2014-67 (the “Notice”), providing guidance with respect to Accountable Care Organizations and their use of tax-exempt bond financed projects. The...more

IRS Releases Favorable Private Business Use Rules for Facilities Financed With Tax-Exempt Bonds

On October 24, 2014, the IRS released Notice 2014-67, which establishes more favorable safe harbors for types of service contracts and other arrangements using property financed with tax-exempt bonds. The Notice also provides...more

Notice 2014-67 ?? Safe Harbors for ACOs and a New Management Contract Safe Harbor for Everyone

On Friday, Oct. 24, 2014, the Internal Revenue Service released interim guidance, Notice 2014-67, on whether a state or local government entity or an organization described in §501(c)(3) of the Internal Revenue Code of 1986,...more

California (Finally) Conforms to Federal Treatment of UBTI in Charitable Remainder Trusts

One of the most important tax attributes of charitable remainder trusts is that they are exempt from income tax – except, that is, when it comes to unrelated business taxable income (UBTI) of these trusts. For decades the...more

High Court Hears A Pair of RPTL § 420-a Cases on October 2014

We’re starting off our new blog season after a bit of a break with a recap of two key exemption cases that will be making waves again soon. Specifically, on October 21, 2014 the New York Court of Appeals heard oral arguments...more

Corporate tax exemption for U.S. investment funds investing in Poland Based on the ECJ C-190/12 case

On 10 April 2014, the European Court of Justice ("ECJ") issued a judgment in case C-190/12 concerning the authority of Poland to grant corporate income tax ("CIT") exemption to investment funds depending on where their...more

Good intentions: Don’t let asset transfers run afoul of the law

With the current estate tax regime of a high gift and estate tax exemption amount and low estate tax rates, transferring wealth is becoming the focus of estate planning rather than reducing estate tax liability. And with...more

Illinois Courts Consistently Enforce Manufacturing Exemption Despite Department of Revenue Opposition

Illinois courts have issued three taxpayer-friendly manufacturing rulings in 2013 and 2014, underscoring the breadth of the exemption from use tax afforded to equipment and chemicals used in the process of manufacturing....more

Affordable Housing Alert: California’s Property Tax Welfare Exemption Law Amended

Effective Jan. 1, 2015, low income housing projects face a modified legal regime when qualifying for property tax exemptions in California....more

IRS and Department of Treasury Release 2014-2015 Priority Guidance Plan

On August 26, 2014, the IRS and the Department of the Treasury issued the 2014-2015 Priority Guidance Plan. The Priority Guidance Plan includes 18 exempt organization law projects and four projects relating to charitable...more

Angels in Limbo: Congress and SEC Consider Regulatory Changes with Potential for Profound Effects on Start-Up Investments

Three events occurred during 2013 that have the potential to significantly affect angel investment around the country: (1) the Securities and Exchange Commission (“SEC”) lifted the prohibition on general solicitation for...more

Portions of Property Exempt for Religious Use

A panel of the Commonwealth Court held that portions of a 45-acre tract were entitled to exemption as places of regularly stated religious worship. Four Quarters Interfaith Sanctuary of Earth Religion v. Medford County Board...more

Indiana Property Tax Exemptions: Church Permitted To File Letter In Lieu Of Application; Trade Association Failed To Prove Split...

Church properly used letter of notification (and not official application) to claim exemption; previously granted exemption rolled forward. The Indiana Board of Tax Review applied a 100% property tax exemption to a church...more

Freddie Mac closes first direct purchase of a tax-exempt loan

Freddie Mac recently closed its first direct purchase of a tax-exempt loan. The loan financed the acquisition and rehabilitation of a 417-unit senior housing community in Dayton, Ohio known as The Lakewoods. The deal...more

The Eye of the Beholder

“A tax loophole is something that benefits the other guy. If it benefits you, it is tax reform.” – former U.S. Senator Russell B. Long (D – Louisiana). “The precise point at which a tax deduction becomes a ‘loophole’...more

What to Consider When Changing Your Mission Statement

A wise person once said, “The only thing that is constant in life is change.” This principle lends itself well to the world of nonprofit organizations. A variety of factors cause nonprofit organizations to change. From...more

Illinois Enacts Legislation Imposing a Self-Procurement Tax While Also Narrowing the Industrial Insured Exception for Transacting...

Illinois will soon begin taxing self-procured insurance premiums for the first time, as required by Senate Bill 3324, now Public Act 98-0978 (the Act). The Act, which was signed into law by Governor Quinn on August 15, was...more

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