MICHAEL I. SANDERS is the lead partner of Blank Rome's Washington office's tax group with a large practice in the area of exempt organizations involving healthcare and low-income housing, associations and joint ventures between for-profits and nonprofits, as well as structuring New Markets Tax Credit transactions. He is also an adjunct professor at The George Washington University Law School and Georgetown University Law Center. He was recently honored in 2010 by The George Washington University Law School for his 35 years of teaching.

• Preface xxvAcknowledgments xxixAbout the Author xxxiChapter 1: Introduction: Joint Ventures Involving Exempt Organizations 1Chapter 2: Taxation of Charitable Organizations 49Chapter 3: Taxation of Partnerships and Joint Ventures 193Chapter 4: Overview: Joint Ventures Involving Exempt Organizations 291Chapter 5: Private Benefit, Private Inurement, and Excess Benefit Transactions 409Chapter 6: Engaging in a Joint Venture: The Choices 489Chapter 7: Exempt Organizations as Accommodating Parties in Tax Shelter Transactions 561Chapter 8: The Unrelated Business Income Tax 577Chapter 9: Debt-Financed Income 669Chapter 10: Limitation on Excess Business Holdings 697Chapter 11: Impact on Taxable Joint Ventures: Tax-Exempt Entity Leasing Rules 709Chapter 12: Healthcare Entities in Joint Ventures 729Chapter 13: Low-Income Housing, New Markets, Rehabilitation, and Other Tax Credit Programs 939Chapter 14: Joint Ventures with Universities 1101Chapter 15: Business Leagues Engaged in Joint Ventures 1171Chapter 16: Conservation Organizations in Joint Ventures 1199Chapter 17: International Joint Ventures 1235Chapter 18: The Exempt Organization as Lender or Ground Lessor 1291Chapter 19: Debt Restructuring and Asset Protection Issues 1335Index 1399

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