medical marijuana dispensary cases, see § 24.23 (c)(x).
CHAPTER SIXTEEN For‐Profit Subsidiaries
1 § 16.3 Attribution of Subsidiary's Activities to Exempt Parent
§ 16.3 ATTRIBUTION OF SUBSIDIARY'S ACTIVITIES TO EXEMPT PARENT
p. 367, note 81. Insert as third paragraph:
Likewise, an organization was denied recognition of exemption as a charitable entity in part because it was found by the IRS to be “virtually indistinguishable” from a for‐profit company; the two entities were said to be marketing the same program, have similar names, and share a website (Priv. Ltr. Rul. 201714031).
p. 387, second complete paragraph. Insert as last sentence:
To extrapolate from the higher education context, the IRS ruled that a tax‐exempt university did not have its for‐profit subsidiary's activities attributed to it, with the IRS stressing that the subsidiary was a “separate legal entity” with its own “activities and management”; the subsidiary was said to have a “real and substantial business purpose.”81.1
NOTES
1 81.1 Priv. Ltr. Rul. 201503018.
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