Revocation of tax-exempt status, excise taxes, and other intermediate sanctions issues, plus income taxes: how the rules have changed after Caracci v. Commissioner.
This Article discusses Caracci v. Commissioner, in which the Tax Court imposed intermediate sanctions based on its finding that insiders caused three applicable tax-exempt organizations to sell assets to three for-profit entities owned and controlled by those same insiders. It explores the standards enumerated in Caracci, hypothesizes as to the pending appeal, and examines the guidance given by the decision's clarification of the intermediate sanctions provisions of the Internal Revenue Code.
King
James R
JR
Jones, Day, Reavis & Pogue, Jones Day's Tax Group, Jones Day's Specialized Industry Practice for Health Care, Columbus, USA.
Boyce
David S
DS
D016520:Entrepreneurship / Q000191:economics / Q000331:legislation & jurisprudence; D005251:Fees, Medical / Q000331:legislation & jurisprudence; D018574:Home Care Agencies / Q000191:economics / Q000331:legislation & jurisprudence* / Q000458:organization & administration*; D006801:Humans; D007183:Income Tax / Q000191:economics / Q000331:legislation & jurisprudence*; D006278:Medicare / Q000191:economics / Q000331:legislation & jurisprudence; D012051:Reimbursement Mechanisms; D012456:Salaries and Fringe Benefits / Q000191:economics / Q000331:legislation & jurisprudence; D019464:Tax Exemption / Q000191:economics / Q000331:legislation & jurisprudence*; D014481:United States