IRS cites private inurement in sale of Florida hospital
Burda, D.
Modern Healthcare 21(34): 31-32
1991
ISSN/ISBN: 0160-7480 PMID: 10112405 Document Number: 371706
The Internal Revenue Service has ruled that the sale of a Florida not-for-profit hospital to a for-profit corporation formed by the facility's board of directors violated federal law concerning "private inurement," thus the not-for-profit corporation's tax exemption should be revoked. The ruling would make the not-for-profit organization liable for taxes dating back to 1983.