Are Capital Gains Subject to the 65-Day Rule?
Tuesday, November 13th, 2018 | Estate Planning, Probate, Tax, Trusts | No Comments
No, but you would not know that from reading the statute.
Read More »Lobbying by Public Charities
Thursday, October 4th, 2018 | Charitable Organizations, Tax | No Comments
Can a public charity engage in efforts to influence legislation? Yes, but not as a “substantial part” of its activities. Under IRC 501(c)(3), an organization will not qualify (or remain qualified) as tax-exempt if it carries on propaganda, or otherwise attempts to influence legislation, as a “substantial part” of its activities. What constitutes a substantial part is unclear. Neither the Code nor the regulations elaborate on this phrase. Fortunately, Congress enacted IRC § 501(h) to inject some certainty into this area. It provides a safe harbor from the substantial part rule. An organization wanting to influence legislation may make a 501(h) election by filing Form 5768 with the IRS. Thereafter, it will not be treated as substantially engaging in lobbying […]
Read More »Churches and 501(c)(3) Status
Friday, September 29th, 2017 | Charitable, Tax | No Comments
Must a church file an exemption application in order to be recognized as tax-exempt under I.R.C. § 501(c)(3)?
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