Discussion:Donations to C Corp taxable ?
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| Revision as of 03:23, 21 December 2005 BudGB (Talk | contribs) (New Discussion) ← Previous diff |
Revision as of 21:02, 21 December 2005 Mshelden (Talk | contribs) Next diff → |
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| {{ForumNewPost|UserID=BudGB|Date=21 December 2005|Text=A donation to a club which is a C Corp has been posted directly to APIC. I help out at this club and saw this transaction and wondered as to its correctness. The club was a not for profit organization that now pays taxes as it now does a catering business to sustain itself.}} | {{ForumNewPost|UserID=BudGB|Date=21 December 2005|Text=A donation to a club which is a C Corp has been posted directly to APIC. I help out at this club and saw this transaction and wondered as to its correctness. The club was a not for profit organization that now pays taxes as it now does a catering business to sustain itself.}} | ||
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| + | {{ForumReplyPost|UserID=Mshelden|Date=December 21, 2005|Text=If the club was a non-profit then it should still file a 990 for its exempt activities and a 990-T to report the taxable income. Donations would still then go to "direct public contributions" not APIC. | ||
| + | I suppose if it has officially lost its exempt status then the "donation" would go to other revenue, unless the "donation" came from a shareholder.}} | ||
Revision as of 21:02, 21 December 2005
Discussion Forum Index --> Tax Questions --> Donations to C Corp taxable ?
| 21 December 2005 | |
| A donation to a club which is a C Corp has been posted directly to APIC. I help out at this club and saw this transaction and wondered as to its correctness. The club was a not for profit organization that now pays taxes as it now does a catering business to sustain itself. | |
| December 21, 2005 | |
| If the club was a non-profit then it should still file a 990 for its exempt activities and a 990-T to report the taxable income. Donations would still then go to "direct public contributions" not APIC.
I suppose if it has officially lost its exempt status then the "donation" would go to other revenue, unless the "donation" came from a shareholder. | |
