Tax Exempt Organizations Flashcards
1
Q
How is exempt status granted to organization?
A
Application must be filed within 15 months from end of month in which organized
Can be organized as corporation or trust
2
Q
When is exempt organization required to file return?
A
Revenues >$50K in a year
Does not apply to churches
3
Q
What is Unrelated Business Income?
A
Income not related to exempt purpose of organization
Must file 990-T if >$1K in UBI
4
Q
What is excluded from UBI?
A
Bingo
Activities on intermittent basis
Business activities related to organization purpose
Investment income
Activities staffed by volunteers
Sale of merchandise received by contribution
Convenience of members
