Health Advisory: Tax-Exempt Institutions, Huge Potential Liabilities From IRS Acquisition/Refunding Audits
11/1/2000
The IRS has commenced several audits of tax-exempt bonds issued in connection with hospital combinations. Whether or not the new bonds are characterized as tax exempt could create enormous liabilities for both the bondholders and hospitals. This advisory also discusses the twelve steps required for a limited liability company to qualify as tax exempt.
