Sale of Nonprofit Facility Results in Inurement to Buyers; Court Refuses to Receive IRS Expert's Report in Evidence

Business Valuation UpdateVol. 4 No. 9
Legal and Court Case Update
September 1998

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8063 Psychiatric Hospitals
622210 Psychiatric and Substance Abuse Hospitals
federal taxation
fair market value (FMV), internal revenue service (IRS)
Anclote Psychiatric Center v. Commissioner (II)
T.C. Memo 1998-273, 1998 Tax Ct. Memo LEXIS 276
July 27, 1998
US
Federal Court
United States Tax Court
Herbert Blanton (for taxpayer)<br>Hugh Jack Shelton (for IRS)
Wright

Summary

According to the court, "The primary issue for decision is whether petitioner's tax-exempt status should be revoked."

See Also

Anclote Psychiatric Center v. Commissioner (II)

Full Text of Court Cases
July 27, 1998

The primary issue is whether petitioner's tax-exempt status should be revoked, and whether the sale of its hospital in May 1983 was for less than fair market value.