[REG]Tax-exempt organization

1. 'C' corporation

추후에 Exemption organization 신청함, can be revoked

 

2. 2 Test

 1) Organization test 501(c): educational org, religious org, charitable org, social club, private foundation

 2) Operational test: Not for profit

 

3. F990

 F990:  info return exception for small organizations(less than 50K) / religious

            - must disclose the id of all substantial contributors, in addition to the amount of contributions received

+  F990-PF

+ F990-T for UBI > $1K

 *Related Biz Income >>no tax on RBI
- member's own benefit ex) university bookstore
- member's convenience
+ investment inc(bond, int)

 

 

 

 

section 501(c) organization

- One of the most common tax-exempt organization

- contributions made to section 501 > deductible

   * most tax-exempt organization contributions not deductible

Private Foundations	Public Charities
Requirements 1) distribute income each year as required under the tax law 2) not engage in self-dealing or retain any excess biz holding - typically receive funding from a single major source - primary activity > making grants to other charitable org& individuals	Required at least 1/3 of org's support must come from  1) government units and 2) general public - not private foundations - churches, schools, colleges, hospitals, qualified medical research org - supported with limited investment and unrelated biz income

 

 

Other section 501(c) org

- Organization tax-exempt, contribution not deductible

- federal credit unions, title-holding corporations, civic leagues and social welfare org, labor, agricultural, and horticultural org, biz leagues, veteran's org, and Political org(sec 527)