Tax Exempt Organizations

Tax Exempt Organizations

Tax Exempt Organizations

Tax Exempt Organizations

Synopsis

This unique book covers all aspects of operating and maintaining a tax exempt organization, within federal and state laws, from creation to dissolution. It begins by defining the various functions of organizers; the types of organizations, including unincorporated associations, charitable trusts, foundations, and nonprofit corporations; and the duties and liabilities imposed by the law on such organizations. The author shows how to determine if the goals and purposes of the organization fit into the statutory scheme for obtaining tax exempt status and helps the reader to decide which type of organization will best suit his or her needs. He points out the advantages and disadvantages, the legal effect, and the requirements of each. Finally, he explains how to terminate a tax exempt organization and the consequences of termination.

Excerpt

This work grew out of the frustration felt when attempting to do research in the area of tax exempt organizations. Considering the huge sums of money passing through the plethora of nonprofit organizations in the United States, the literature is rather sparse and diffuse. Although the subject of nonprofit, tax exempt organizations is multidisciplined, integrated works are virtually nonexistent. the tax materials generally are compiled as a separate body of law. When they are incorporated in other works, the tax materials appear to be superficial and mysterious. Moreover, tax exemption materials seem to be limited to section 501(c)(3) charitable organizations while little attention is given to the other subparagraphs of section 501 (c). (For the complete text of irc Section 501, see the Appendix at the end of this volume.)

This book presents detailed and meaningful tax materials and organizational law in chronological order, beginning with conception and proceeding through the different stages in the life of a nonprofit, tax exempt organization. While detailed, the tax materials represent general principles, guidelines, and directions rather than a reproduction of the myriad revenue rulings, revenue procedures, letter rulings, general counsels' memoranda, and other sources of minutia concerning tax exempt organizations. Intended to be a reference guide for foundation managers and practitioners who deal with nonprofit, tax exempt organizations, this book also may be adapted for use as a textbook in a basic course in nonprofit, tax exempt organizations or an advanced tax course in tax exempt organizations.

It is customary at this point to give recognition to those persons whose contributions assisted in the completion of the book. To that end I would like to thank my secretary, Cathy Burch, who spent many long hours typing and retyping the manuscript.

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