The quest for clarity. The ins and outs of an excess benefit transaction.
On July 30, 1998, the IRS issued proposed regulations to implement the intermediate tax sanctions of the Tax Payers Bill of Rights II Act of 1996. The intermediate sanctions, now codified at Section 4958 of the Internal Revenue Code, provide for the imposition of penalty taxes where a tax-exempt entity participates in an "excess benefit transaction."
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D002201:Capital Expenditures; D006788:Hospitals, Voluntary / Q000191:economics / Q000331:legislation & jurisprudence*; D020443:Practice Valuation and Purchase / Q000191:economics / Q000331:legislation & jurisprudence; D020400:Provider-Sponsored Organizations / Q000191:economics / Q000331:legislation & jurisprudence; D012456:Salaries and Fringe Benefits / Q000331:legislation & jurisprudence; D019464:Tax Exemption / Q000331:legislation & jurisprudence*; D014481:United States