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Vol 22 No 11 Nov/Dec 2017

Book of the Month

Cover of The Law of Contract Damages

The Law of Contract Damages

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The Law of Intermediate Sanctions

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ISBN13: 9780471224020
ISBN: 0471224022
Published: August 2003
Publisher: John Wiley & Sons Ltd
Format: Hardback
Price: £55.00

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An essential resource on the new law facing nonprofits An inability to adequately penalize nonprofits and individuals who collect excessive compensation or other benefits from tax-exempt organizations has led to the creation of intermediate sanctions fines and legal actions intended to eliminate nonprofit abuse. Nonprofit legal expert Bruce R. Hopkins explains the constitution and application of these new rules in The Law of Intermediate Sanctions: A Guide for Nonprofits. This comprehensive, easy-to-use guide summarizes, analyzes, and explains the federal tax law on intermediate sanctions.;Among other topics, the author addresses: The statute, legislative history, regulations, and court opinions of intermediate sanctions The influence of law concerning private inurement, private benefit, and private foundation self-dealing Real-world examples of intermediate sanctions in practice How nonprofits may seek to avoid excess benefit transactions or adequately document that excess benefit does not occur Nonprofit executives, attorneys, accountants, and members of boards of directors will find The Law of Intermediate Sanctions to be an unparalleled resource on the new measures targeting nonprofit abuse.

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Preface. Prologue.
Chapter 1: Basics and History of Intermediate Sanctions Law. ? 1.1 Intermediate Sanctions Law Basics. (a) Meaning of Intermediate Sanctions. (b) Nature of the Sanctions. (c) Fundamental Terminology. ? 1.2 History of Intermediate Sanctions. (a) General History. (b) Accompanying Regulations. (c) Effective Dates. ? 1.3 Applicable Tax-Exempt Organizations. ? 1.4 Interrelationship with Other Law. ? 1.5 Commentary on Intermediate Sanctions.
Chapter 2: Private Inurement and Private Benefit Doctrines. ? 2.1 Essence of Private Inurement. ? 2.2 Concept of Net Earnings. ? 2.3 Requisite Insider. ? 2.4 Types of Private Inurement. (a) Compensation for Services. (b) Rental Arrangements. (c) Loans. (d) Sales of Assets. (e) Equity Distributions. (f ) Assumptions of Liability. (g) Employee Benefits. (h) Tax Avoidance Schemes. (i) Services Rendered. (j ) Provision of Goods or Refreshments. (k) Retained Interests. (l) Embezzlements. ? 2.5 Social Welfare Organizations. ? 2.6 Per Se Private Inurement. ? 2.7 Incidental Private Inurement. ? 2.8 Private Benefit Doctrine. (a) General Rules. (b) Import of Joint Venture Cases. (c) Perspective. (d) Private Benefit: In the Background as Well as the Foreground.
Chapter 3: Disqualified Persons. ? 3.1 Concept of Disqualified Person. ? 3.2 Directors and Trustees. ? 3.3 Officers. ? 3.4 Key Employees. ? 3.5 Facts and Circumstances Test. (a) Facts and Circumstances Showing Influence. (b) Facts and Circumstances Showing Little Influence. ? 3.6 Family Members. ? 3.7 Controlled Entities. ? 3.8 Vendors of Products or Services. ? 3.9 Nondisqualified Persons. ? 3.10 Donor-Advised Funds. ? 3.11 Other Rules.
Chapter 4: Excess Benefit Transactions. ? 4.1 Concept of Excess Benefit Transaction. (a) Excess Benefit Transaction Defined. (b) Consideration. (c) Indirect Excess Benefit Transactions. (d) Element of Knowledge. ? 4.2 Controlled Entities. ? 4.3 Intermediaries. ? 4.4 Initial Contract Exception. (a) History of Exception. (b) Fixed Payments. (c) Initial Contracts. (d) New Contracts. ? 4.5 Valuation Standards. (a) Valuation of Property. (b) Valuation of Services. ? 4.6 Compensation Arrangements. (a) Meaning of Compensation. (b) Ascertaining the Reasonableness of Compensation. (c) Timing of Reasonableness of Compensation. (d) Intent to Treat Benefit as Compensation. ? 4.7 Other Transactions. (a) Lending Transactions. (b) Rental Transactions. (c) Sales transactions. ? 4.8 For the Use of Transactions. ? 4.9 Revenue-Sharing Transactions. (a) Definition of Revenue-Sharing Transaction. (b) Overview of Legislative History. (c) Profit-Sharing Plans. (d) Percentage-Based Compensation. (e) Proposed Regulations. (f ) Revenue-Sharing in the Fundraising Context. ? 4.10 Disregarded Economic Benefits.
Chapter 5: Rebuttable Presumption of Reasonableness. ? 5.1 Concept of Rebuttable Presumption. (a) Presumptions Generally. (b) Intermediate Sanctions Rebuttable Presumption. ? 5.2 Authorized Bodies. ? 5.3 Conflicts of Interest. ? 5.4 Approp