IRS Rev. Proc.: State Laws, Identifying How Organizations Can Satisfy Requirement that Assets Be Dedicated to Exempt Purpose (§501)

Obsolescence of Rev. Proc. 82-2, which identified the circumstances in which an organization could satisfy Treas. Reg. §1.501(c)(3)-1(b)(4) (requiring that the assets of a I.R.C. §501(c)(3) organization be dedicated to an exempt purpose) by operation of the law of certain states or the District of Columbia, the IRS announced. Many of the state laws identified in Rev. Proc. 82-2 have materially changed, and a revenue procedure cannot be relied upon to the extent it is predicated on state law and that state law has materially changed, the IRS stated. See Rev. Proc. 89-14. [Rev. Proc. 2024-22, 2024-22 I.R.B. __ (May ...