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If a donor is contributing property that would have yielded a long-term capital gain in a sale, then the deduction for the contribution is limited to 30% of donor's adjusted gross income in the year of donation if the donee is a public charity, and limited to 20% if the donee is a private foundation. Contributions over the respective AGI ...
If an organization is to qualify for tax exempt status, the organization's (a) charter — if a not-for-profit corporation — or (b) trust instrument — if a trust — or (c) articles of association — if an association — must specify that no part of its assets shall benefit any people who are members, directors, officers or agents (its principals).
A charitable remainder unitrust (known as a "CRUT") is an irrevocable trust created under the authority of the United States Internal Revenue Code § 664 [1] ("Code"). This special, irrevocable trust has two primary characteristics: (1) Once established, the CRUT distributes a fixed percentage of the value of its assets (on an annual or more frequent basis) to a non-charitable beneficiary ...
The Pennsylvania Department of Revenue thoroughly and securely reviews every state tax return to ensure accuracy. The measures this state agency takes to accomplish this can slow down refund ...
The Watch Tower Bible and Tract Society of Pennsylvania is a non-stock, not-for-profit organization [4] headquartered in Warwick, New York. It is the main legal entity used worldwide by Jehovah's Witnesses to direct, administer, and disseminate doctrines for the group and is often referred to by members of the denomination simply as "the Society".
Frequent attendance at religious services is linked to both the likelihood of giving to religion and to making larger gifts to religion. [63] The impact of American religious communities in philanthropy and charitable giving can be seen across a variety of faith communities, including the Protestant, Catholic, Jewish and Muslim communities.
As a former supervisor from a township with multiple large tax-exempt entities, I understand the financial distress facing municipalities that House Bill 451 seeks to relieve," said state Rep ...
Religious corporation articles need to have the standard tax-exempt language the IRS requires. Religious corporations are permitted to designate a person to act in the capacity of corporation sole . This is a person who acts as the official holder of the title on the property, etc.