Tax Planning and Compliance for Tax-Exempt Organizations. Jody Blazek. Читать онлайн. Newlib. NEWLIB.NET

Автор: Jody Blazek
Издательство: John Wiley & Sons Limited
Серия:
Жанр произведения: Бухучет, налогообложение, аудит
Год издания: 0
isbn: 9781119873648
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p. 41. Add after partial paragraph at top of page:

      The purpose in your Articles of Incorporation states “to promote friendship, cooperation and mutual assistance among your members. Because your Articles of Incorporation do not limit your purposes to those described in Treas. Reg. § 1.501(c)(3)-1(b)(1)(i), you fail the organizational test in IRC § 501(c)(3).

      You do not meet the provisions of Treas. Reg. § 1.501(c)(3)-1(c)(1). You are operated to provide direct economic benefits to members. For example, you provide financial assistance to members for such things as buying a home, funeral expenses, and birth of a member's child. This serves a substantial nonexempt private purpose, which precludes exemption under IRC § 501(c)(3).

      You are not described in Treas. Reg. § 1.501(c)(3)-1(d)(1)(ii) because you are operating for the private interests of your members. This is evidenced by the fact you are operated to provide financial assistance to members.

      You are similar to the organization described in Revenue Ruling 67-367. Like that organization, your activities serve to benefit your members and their families rather than benefit the public. For instance, when a member or one of their family members dies, you help cover the costs of the funeral. When a member wishes to buy a home, you provide financial aid. There is no charitable intent to the payments or qualification or review to determine need because the payments are automatic. The payment of these types of benefits to pre-selected, specifically named individuals serves a private interest rather than a public interest which preludes exemption under IRC Section 501(c)(3).

       p. 43. Add to third paragraph at top of page:

      The “No activity test” cited in footnote 87 on this page quotes from the regulations saying, “An organization will be regarded as “operated exclusively” for one or more exempt purposes specified in section 501(c)(3) purposes ‘only if it engages primarily in such purpose’ and will not if more than an insubstantial part of its activities is not in furtherance. Importantly, it doesn't mean 100 percent.

       p. 43. Add after last paragraph in subsection:

      Whether an art collection must be displayed to the public to be deemed “primarily held for charitable purposes” is an interesting and important question. In the Tikar case discussed earlier, ask why it isn't a charitable activity to simply protect from harm, conserve or repair, and/or simply safely store such assets for some future use if the items are historic, fragile, or highly valuable and require special care. Many museums possess and hold artworks that they are not necessarily able to display for a number of reasons. The facts of the Tikar case didn't make it clear why the art was not displayed adequately, so it doesn't stand for there being a reason art may be temporarily stored or stored safely from ongoing public display.

      1 1 IRS Priv. Ltr. Rul. 202021025; also see § 21.8 for unrelated business activity aspects of this issue.

      2 2 Gen. Coun. Memo. 39876; Reg. § 1.501(c)(3)-1(d)(1)(ii).

      3 3 See § 2.1.

      4 4 See § 3.2.

      5 5 Priv. Ltr. Rul. 202138010.

      6 6 Priv. Ltr. Rul. 202021025.

      7 7 Priv. Ltr. Rul. 202021021.

      8 8 T.C. Memo., May 6, 2021.

      9 9 Priv. Ltr. Rul. 201203032.

        3.2 Churches (b) Definition of Church

      (b) Definition of Church

       p. 69. Add new paragraphs at end of subsection: