Excess Benefit Transactions

Ononuju v. Commissioner
T.C. Memo. 2021-94

On July 26, 2021, the Tax Court issued a Memorandum Opinion in the case of Ononuju v. Commissioner (T.C. Memo. 2021-94). The primary issue presented in Ononuju v. Commissioner was whether the petitioner was liable for excise tax pursuant to IRC § 4958 as a “disqualified person” who engages in an “excess benefit transaction” with a tax-exempt charity. Background to Assessment in Ononuju v. Commissioner The IRS determined that the petitioner was a disqualified person

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Scott St. Amand September 24, 2021
Charitable Organization

New World Infrastructure Organization v. Commissioner
T.C. Memo. 2021-91

On July 20, 2021, the Tax Court issued a Memorandum Opinion in the case of New World Infrastructure Organization v. Commissioner (T.C. Memo. 2021-91). The primary issue presented in New World Infrastructure was whether the petitioner qualified for tax exempt status for purposes of IRC § 501(c)(3). Background to New World Infrastructure Organization v. Commissioner The petitioner is “a successor to a for-profit business that never made any profit.”  This, according to the petitioner, made

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Scott St. Amand September 2, 2021
Business Related Issues
Blame Kentucky

Deckard v. Commissioner
155 T.C. No. 8

On September 17, 2020, the Tax Court issued its opinion in Deckard v. Commissioner (155 T.C. No. 8). The primary issue presented in Deckard v. Commissioner was whether as the officer and director of a Kentucky non-stock, non-profit corporation (as constrained by Kentucky law and the company’s articles of incorporation), the taxpayer had an ownership interest in the company equivalent to that of a shareholder for purposes of applying the passthrough loss provisions of subchapter

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Scott St. Amand September 17, 2020
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Ononuju v. Commissioner
T.C. Memo. 2021-94

On July 26, 2021, the Tax Court issued a Memorandum Opinion in the case of Ononuju v. Commissioner (T.C. Memo. 2021-94). The primary issue presented in Ononuju v. Commissioner was whether the petitioner was liable for excise tax pursuant to IRC § 4958 as a “disqualified person” who engages in

Read More »
Scott St. Amand September 24, 2021

Deckard v. Commissioner
155 T.C. No. 8

On September 17, 2020, the Tax Court issued its opinion in Deckard v. Commissioner (155 T.C. No. 8). The primary issue presented in Deckard v. Commissioner was whether as the officer and director of a Kentucky non-stock, non-profit corporation (as constrained by Kentucky law and the company’s articles of incorporation),

Read More »
Scott St. Amand September 17, 2020