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Get 141-3: Definition Of Private Business Use

Purpose of this revenue procedure is to set forth conditions under which a research agreement does not result in private business use under 141(b) of the Internal Revenue Code of 1986 (the Code). This revenue procedure also addresses whether a research agreement causes the modified private business use test in 145(a)(2)(B) of the Code to be met for qualified 501(c)(3) bonds. This revenue procedure modifies and supersedes Rev. Proc. 97-14, 1997-1 C.B. 634. -2SECTION 2. BACKGROUND .01 Pr.

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