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Posted: 4/5/2002 5:46:43 AM EDT
If an organization is "tax exempt", from what sorts of taxes is it exempted?
Link Posted: 4/5/2002 5:48:47 AM EDT
Depends on how the corp is structured. Is it a non-profit, sub chapter S, C Corp, etc.
Link Posted: 4/5/2002 5:50:36 AM EDT
Depends on the tax exempt entity. Churches for example are exempt from most taxes. (I'm not sure about sales tax here.)
Link Posted: 4/5/2002 5:53:45 AM EDT
Churches and Non-profit are the only one that do not pay cap gains and sales tax. But I'm not an accountant so I could be mistaken.
Link Posted: 4/5/2002 6:45:41 AM EDT
Do universities pay property taxes?
Link Posted: 4/5/2002 7:29:27 AM EDT
I know not for profit hospitals do not pay property taxes in my city. So when one of these medical facilities buys up another block of the downtown, the city must call upon the other businesses and homeowners to make up the lost revenue.
Link Posted: 4/5/2002 7:40:39 AM EDT
1- Non U.S citizen (exempt of all taxes) 2- Religious group 3- Non Profit Organization, i.e The Salvation Army, The United Way or may be the NRA (I am not sure).
Link Posted: 4/5/2002 9:07:47 AM EDT
Non U.S citizen (exempt of all taxes)
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I don't know about income taxes, but I'm fairly sure that non-citizens still pay sales tax. At least I've never seen someone get out of paying it by showing a foreign passport. I don't think a non-citizen could get out of paying property taxes, either.
Link Posted: 4/5/2002 9:10:46 AM EDT
Originally Posted By Renamed:
Non U.S citizen (exempt of all taxes)
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I don't know about income taxes, but I'm fairly sure that non-citizens still pay sales tax. At least I've never seen someone get out of paying it by showing a foreign passport. I don't think a non-citizen could get out of paying property taxes, either.
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I forget to mention "Diplomats".
Link Posted: 4/5/2002 9:37:15 AM EDT
Link Posted: 4/5/2002 9:48:30 AM EDT
It can have various meanings depending on the context. In my industry, a lot of products are purchased for use in federal waters. In such cases these purchases are tax exempt from state sales taxes.
Link Posted: 4/5/2002 10:29:28 AM EDT
Originally Posted By Renamed: Do universities pay property taxes?
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Private universities do pay some form of. State and local Universities do not. Matter of fact they are considered agencies of the state and can issue muni bonds. Univ of CA board of regents issues Muni Bonds all the time.
Link Posted: 4/5/2002 11:32:36 AM EDT
Suppose a non-profit organization generates what a business would consider a profit. E.g., the United Way takes in $110 million and only spends $100 million. What happens to the extra money?
Link Posted: 4/5/2002 11:38:33 AM EDT
Originally Posted By Renamed: Suppose a non-profit organization generates what a business would consider a profit. E.g., the United Way takes in $110 million and only spends $100 million. What happens to the extra money?
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The extra money remains and untaxed. I'm not a CPA but I understand the IRS filings for non-profits is something like two pages. Even expenses do not have to be itemized. Anyone ever hear of the Rev. J. Jackson and the Rainbow Coalition ? A classic if not classical non-profit. (Course after Jesse finishes raiding the till on a daily basis there probably are truly no profits !)
Link Posted: 4/5/2002 12:21:24 PM EDT
Not only that if you are Jessie Jackson you can pretty much do what you damn well please, turn in any sort of tax return because the IRS doesn't have the balls you audit you. After all if they did, that would be racist, now wouldn't it?
Link Posted: 4/7/2002 7:12:44 AM EDT
[Last Edit: 4/7/2002 7:13:16 AM EDT by ckapsl]
Originally Posted By AR_Rifle: 1- Non U.S citizen (exempt of all taxes)
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I think that most non-US citizens have to pay taxes. I have heard that a few, depending on what country they are from, and if they are here temporarily, have to pay their own country's income tax, and per tax treaty between the US and that country, are exempt from paying income taxes here. The treaty cuts both ways; US citizens who live and work in that country are exempt from that country's income tax, but get to pay US income tax. There are only two guarantees in life - death and taxes!
Link Posted: 4/7/2002 7:27:10 AM EDT
It means something I'm not
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