U.S. Tax Court Finds "Disqualified Person" Definition For Nonprofit Excess Benefit Rules Is Expansive
By EsqSocial Corporation 18/05/21
On May 17, 2021, the U.S. Tax Court issued a Memorandum Opinion in Vincent J. Fumo v. Commissioner, T.C. Memo. 2021-61, regarding the definition of a “disqualified person” under I.R.C. section 4958(a)(1). Managers of tax-exempt organizations should be aware of the opinion because it provides guidance as to when a person without formal affiliation with an organization will be held to be disqualified persons to whom the excess benefit transaction rules apply......
By: Husch Blackwell LLP