Tax Planning and Compliance for Tax-Exempt Organizations: Rules, Checklists, ProceduresJohn Wiley & Sons, 2004 M05 21 - 896 pages Tax Planning and Compliance for Tax-Exempt Organizations: Rules, Checklists, and Procedures, Fourth Edition is an indispensable guide to navigating the complex maze of nonprofit tax rules and regulations. Along with clear, concise instructions for filing Forms 990 and other important IRS forms and documents, this practical guide covers the significant issues facing nonprofit organizations, including unrelated business income, private inurement, affiliations, and employment taxes. It also provides practical guidance on obtaining the tax exemption; reporting to boards, auditors, and the IRS; testing ongoing tax compliance; and managing lobbying expenditure. An essential, timesaving guide for accountants, lawyers, nonprofit executives and directors, consultants, and volunteers, this Fourth Edition offers:
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Contents
PART II STANDARDS FOR PRIVATE FOUNDATIONS | 227 |
PART III OBTAINING AND MAINTAINING TAXEXEMPT STATUS | 439 |
Table of Cases | 697 |
Table of IRS Revenue Rulings and Revenue Procedures | 707 |
Index | 715 |
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Common terms and phrases
activity allocable amount annual apply approval assets association benefit business league Chapter charitable organization charitable purposes Checklist church club Commissioner compensation conduct considered corporation costs court deductible discussed in Section disqualified persons donations donor educational employees entity excess excise tax exempt function exempt organization exempt purposes exempt status Exhibit expenses federal fees filing for-profit Form foundation’s funds gift grant income tax individual interest intermediate sanctions Internal Revenue Code Internal Revenue Service investment income issues legislation limited lobbying managers Memo nonprofit operating organiza organization’s paid payments percent PF’s political Priv private foundation private letter rulings public charity qualifying distributions reasonable received recipient regulations rules self-dealing specific substantial tax-exempt organization tax-exempt status taxable tion transaction treated trust types unrelated business activity unrelated business income
Popular passages
Page 648 - The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.
Page 95 - An organization may be educational even though it advocates a particular position or viewpoint so long as it presents a sufficiently full and fair exposition of the pertinent facts as to permit an individual or the public to form an independent opinion or conclusion. On the other hand, an organization is not educational if its principal function is the mere presentation of unsupported opinion.
Page 183 - For purposes of this section, the term "charitable contribution" means a contribution or gift to or for the use of — (1) A State, a Territory, a possession of the United States, or any political subdivision of any of the foregoing, or the United States or the District of Columbia, but only if the contribution or gift is made for exclusively public purposes.
Page 27 - ... no substantial part of the activities of which is carrying on propaganda, or otherwise attempting, to influence legislation, and which does not participate in, or intervene in (including the publishing or distributing of statements), any political campaign on behalf of any candidate for public office.
Page 320 - Securities listed on the New York Stock Exchange, the American Stock Exchange, or any city or regional exchange in which quotations appear on a daily basis, including foreign securities listed on a recognized foreign, national, or regional exchange; 2.
Page 623 - exempt function" means the function of influencing or attempting to influence the selection, nomination, election, or appointment of any individual to any Federal, State, or local public office or office in a political organization, or the election of Presidential or Vice-Presidential electors, whether or not such individual or electors are selected, nominated, elected, or appointed.
Page 26 - Corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or to foster national or international amateur sports competition (but only if no part of its activities involve the provision of athletic facilities or equipment), or for the prevention of cruelty to children or animals...
Page 351 - For purposes of this section, the term "trade or business" includes any activity which is carried on for the production of income from the sale of goods or the performance of services.
Page 117 - Civic leagues or organizations not organized for profit but operated exclusively for the promotion of social welfare, or local associations of employees, the membership of which is limited to the employees of a designated person or persons in a particular municipality, and the net earnings of which are devoted exclusively to charitable, educational, or recreational purposes...