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Tax Planning: U.S.

Recent Answers

2016-06-28 Nonprofit Law - High School Choir Booster Club:

The IRS rule for what nonprofits may spend money on is similar to the standard that the IRS uses when determining what is a valid business expense for an ordinary business. For example, at http://www.irs

2016-06-27 Nonprofit Law - Inurement:

You are welcome.    The operation you describe clearly evidences what the IRS calls conspiracy to evade federal income taxes.     1. The $30,000 check from the for-profit gym to the club would be viewed

2016-06-27 Nonprofit Law - Ticket donation refund:

I have in my profile that this free forum is only for general questions about IRS federal exemption issues of 501(c)(3) organizations. Your matter is controlled by state law and states may differ somewhat

2016-06-23 Tax Law (Questions About Taxes) - taxes owed from home sale:

Rainer,    Thanks for your question.     Her basis in the home is the fair market value as of date of death. If the sale price minus costs of sale exceeded this value, you would pay tax on the excess.

2016-06-23 Tax Law (Questions About Taxes) - C-Corp liquidating distribution:

Jason,    Thanks for your question. My first advice is to call in someone to guide you on this.    The 5k in capital stock is not relevant in this case. That represents at least a portion of outside basis


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