Full Description
The 2004 Cumulative Supplement includes discussion of the following developments: * Publication of final intermediate sanctions regulations replacing the temporary regulations that were issued in early 2001. * Publication of the final corporate sponsorship regulations, which replaced the proposed regulations that were issued in early 2000. * A final decision by the IRS to deny the claims filed by over 100 universities and hospitals for refunds of FICA/Medicare taxes with respect to the wages paid to medical residents. * The issuance by the IRS of final regulations under section 6050S relating to the reporting requirements imposed on colleges and universities with respect to the receipt of qualified tuition payments.
Contents
Note to the Reader: Materials not in the main volume are indicated by "(New)" after the title. Materials new to this supplement are indicated by an asterisk () in the left margin in the list and throughout the supplement. Preface. 2 Unrelated Business Income. 2.1 Introduction General Principles of the Unrelated Business Income Tax. 2.2 Statutory Exceptions to Unrelated Business Income. 2.3 Income from Controlled Organizations. 2.5 Unrelated Debt-Financed Income. 3 Common Activities Conducted by Colleges and Universities That Raise Unrelated Business Income Tax Concerns. 3.3 Advertising Income. 3.4 Corporate Sponsorship Payments. 3.6 Travel Tours. 3.7 Operation of Parking Lots. 3.8 Participation in Partnerships. 3.10 Use of Recreational Facilities by General Public. 3.13 Affinity Credit Cards. 3.14 Sale, Rental, or Exchange of Mailing Lists. 3.22 Internet Fundraising and Advertising Issues. 3.23 Ownership of S Corporation Stock. 4 Employment Taxes. 4.2 Employee versus Independent Contractor Classification. 4.3 Social Security Tax Exemption for Students. 4.6 Termination, Early Retirement, Royalty, and Settlement Payments. 4.6A Student Loans Forgiven in Return for Subsequent Services (New). 5 Fringe Benefits. 5.2 The Section 132 Rules. 5.3 Fringe Benefits Typically Provided by Colleges and Universities. 6 Charitable Contribution Deductions. 6.3 Permissible Donees. 6.4A Gifts of Patents and Related Rights (New). 6.10 Charitable Split-Dollar Life Insurance. 7 Scholarships and Fellowships. 7.2 The Section 117 Rules. 7.4 Qualified Tuition Reductions. 7.5 Section 117(c) Distinguishing Between Scholarship/Fellowship Grants and Compensation. 7.6A Tax-Free Discharges of Student Loans (New). 8 Income Tax Withholding and Reporting on Payments to Resident Aliens. 8.8 Income Tax Treaties. 8.12 Tax Treatment of Immigration-Related Expenses Paid by Colleges and Universities (New). 9 Special Issues and Problems. 9.1 Exemption Issues. 9.2 Related Entities. 9.3 Section 403(b) and Other Retirement Plans. 9.4 Tax-Exempt Bonds. 9.5 Conducting Activities Overseas. 9.6 Form 990 Filing Issues. 9.7 State Colleges and Universities. 9.8 Education Tax Incentives. 10 IRS Audits of Colleges and Universities. 10.3 The Examination. 10.12 The Attorney--Client and Work Product Privileges. Table of IRS Revenue Rulings. Table of IRS Revenue Procedures. Table of IRS General Counsel Memoranda. Table of IRS Private Letter Rulings. Table of IRS Technical Advice Memoranda. Table of Cases. Index.
