IRS cites private inurement in sale of Florida hospital.
The Internal Revenue Service has ruled that the sale of a Florida not-for-profit hospital to a for-profit corporation formed by the facility's board of directors violated federal law concerning "private inurement," thus the not-for-profit corporation's tax exemption should be revoked. The ruling would make the not-for-profit organization liable for taxes dating back to 1983.
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D005431:Florida; D006075:Governing Board / Q000331:legislation & jurisprudence; D006077:Government Agencies; D006273:Health Facility Merger / Q000331:legislation & jurisprudence*; D006743:Hospital Bed Capacity, under 100; D006788:Hospitals, Voluntary / Q000331:legislation & jurisprudence*; D010067:Ownership / Q000331:legislation & jurisprudence; D013660:Taxes / Q000331:legislation & jurisprudence*