Chapter 3 Section 3: Exempt Organizations Flashcards
What is the most common type of Exempt Organization?
What is it?
501(c)(3)
It has community things and operates for religious, charitable, scientific, etc purposes
What can a 501(c)(3) not do?
A substantial part of their activities cannot be non-exempt in nature
Cannot intervene in political campaigns
What is a 509 Private Foundation?
Includes 501(c)(3) other than specific exclusions
What is the required return for a 509 Private Foundation?
Annual Form 990-PF
Define Unrelated Business Income
Gross income from any unrelated trade or business regularly carried on, less related deductions. It is not substantially related to their tax-exempt purpose
What is the deduction on UBI?
$1,000 from UBI
What is the required return for UBI?
Annual Form 990
What are the organizations that do not have to file a 990?
50,000 CHRIST
50,000 or less in gross receipts Church High School - religious Religious Order Internally Supported Auxillaries Societies - missionary related Tax-Exempt Organizations by Congress