The Law of Tax-Exempt Organizations, 2021 Cumulative Supplement. Bruce R. Hopkins

sentence:

This body of law applies with respect to a governmental entity that is separately organized from a state or political subdivision of a state.^426.1

      p. 464, first paragraph, second line. Delete political subdivisions and insert entities eligible for the exclusion.

(c) Integral Parts of States

p. 464, second paragraph, first line. Delete A third and insert As noted,^446.1a.

Notes

      1 ^403.1 IRC § 529A(e)(6).

      2 ^419.1 E.g., IRC §§ 170(b)(1)(A)(v) (see § 12.3(a)), 170(c)(1) (see § 7.15, text accompanied by note 526).

      3 ^419.2 Rev. Rul. 87‐2, 1987‐1 C.B. 18; Rev. Rul. 71‐132, 1971‐1 C.B. 29; Rev. Rul. 71‐131, 1971‐1 C.B. 28; Gen. Couns. Mem. 14407.

      4 ^419.3 E.g., IRC § 511(a)(2)(B). See § 24.1, text accompanied by note 22.

      5 ^426.1 That is, IRC § 115(1) does not apply to income from an activity that the state conducts directly, rather than through a separate entity (Rev. Rul. 71‐131, 1971‐1 C.B. 28; Rev. Rul. 77‐261, 1977‐2 C.B. 45).

      6 ^446.1 See § 19.22(a).