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Abstract: 

Since 1999 the IRS has acknowledged that a limited liability company or other noncorporate entity that has only a single owner will generally be disregarded for tax purposes. The IRS announced its acceptance of that rule in Announcement 99-102. That release also held that a U.S. charity that wholly owns such a disregarded entity is to treat the operations and finances of the disregarded entity as its own for tax and information reporting purposes.

Keywords: Notice 2012-52, 2012-35 I.R.B. 1

Affiliations:  .