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Flashcards in Taxes: Tax-Exempt Organizations Deck (2)
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Tax-Exempt Organizations

Tax-Exempt Organizations
- Charities, labor organizations, social clubs, pension and profit sharing trusts, and private foundations
- must apply for and receive exemption
- must file if gross receipts > $50k (not churches)
- Operate exclusively for tax-exempt purpose
- Not for influencing politics


Tax-Exempt Organizations
Unrelated Business Income

Unrelated Business Income
- from a business regularly carried on and
- not for exempt purpose
- income from debt-financed property unrelated to exemption
- income from advertising in journals
- taxed only if >$1k at corporate rates
Related Income includes
- work performed for no compensation
- convenience of students or members
- sale of merchandise/stock received as contributions
- investment income
- rent from real property

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