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Abby, our taxpayer, owns a sporting goods store. Her business is doing well so she decides to donate some of last season's inventory to The Women's Sports Foundation, a certified charitable organization. Abby's adjusted gross income this year is $700,000. The fair market value of Abby's donated inventory is $600,000.
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).
Donations made to 501(c)(3) organizations are typically tax-deductible for the donors, meaning individuals and businesses can claim those donations as deductions on their tax returns, subject to certain limitations. This tax benefit encourages charitable giving. In contrast, donations made to 501(c)(4) organizations are not generally tax ...
It is distinct in U.S. law from public-benefit nonprofit corporations, and religious corporations. Mutual benefit corporations must still file tax returns and pay income tax because they are not formed for a purpose that is meant to benefit the general public (unlike public-benefit nonprofit corporations) but rather to provide an association of ...
During the 2012 debate over the Patient Protection and Affordable Care Act, Catholic Charities USA was among the Catholic groups that expressed support for the Obama administration's efforts to address religious objections to some features of its implementation, even as the National Conference of Catholic Bishops opposed the administration's ...
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.
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. There are four different forms of religious corporations with regard to their laws and the way they function within government.
Children's Development Trust; The Children's Investment Fund Foundation; Children's Liver Disease Foundation; Children's Miracle Network Hospitals; Children's National Medical Center; Christian Care Foundation for Children with Disabilities; Christian Children's Fund of Canada; Church World Service; The Citizens Foundation; City Sikhs; City ...