Better Late Than Never: Incorporating LLCs Into Section 4943

Part I of this Article traces the historical development of Code Section 4943 and the business entanglement issues that the Code Section was designed to combat. It then discusses developments in the law that occurred after the passage of Section 4943 that have implications for its structure, most importantly the introduction of the LLC. Part II describes the current statutory scheme of Section 4943, and the ambiguity in the manner in which it applies, and the practical problems and abuses that potentially arise from this ambiguity. In Part III, the Article reviews various options for clarifying the treatment of Section 4943 and evaluates them in light of the ongoing debate regarding the intersection of charity and business. This Article concludes, in Part IV, with a recommendation for change that provides administrative clarity and minimizes the possibility of abuse while allowing for modern investment practices

Better Late Than Never: Incorporating LLCs Into Section 4943

Part I of this Article traces the historical development of Code Section 4943 and the business entanglement issues that the Code Section was designed to combat. It then discusses developments in the law that occurred after the passage of Section 4943 that have implications for its structure, most importantly the introduction of the LLC. Part II describes the current statutory scheme of Section 4943, and the ambiguity in the manner in which it applies, and the practical problems and abuses that potentially arise from this ambiguity. In Part III, the Article reviews various options for clarifying the treatment of Section 4943 and evaluates them in light of the ongoing debate regarding the intersection of charity and business. This Article concludes, in Part IV, with a recommendation for change that provides administrative clarity and minimizes the possibility of abuse while allowing for modern investment practices

Brief of \u3ci\u3eAmici Curiae\u3c/i\u3e Law Professors and Economists in Support of Petitioner in \u3ci\u3eSouth Dakota v. Wayfair, Inc., et al.\u3c/i\u3e

Amici are professors of tax law and economics at universities across the United States. As scholars and teachers, they have considered the economic consequences of this Court’s decision in Quill Corp. v. North Dakota, 504 U.S. 298 (1992), and have concluded that Quill’s dormant Commerce Clause holding should be overruled. Amici join this brief solely on their own behalf and not as representatives of their universities. A full list of amici appears in Appendix A