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AMENDED 990 & BASIS

  • 1.  AMENDED 990 & BASIS

    Posted 24 days ago

    Fraternal not-for-profit organization failed to record the proceeds arising from the sale of a building and land that it acquired title that was previously owned by a subordinate Lodge.

     

    I have suggested the reporting entity record a basis subject to the sales proceeds received so there is no profit or loss on the item.

     

    Comments please,

     

    Bob

     

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    Robert S Cheskes, CPA (NY & FL)

    Robert S. Cheskes, CPA, P.A.

    8094 Florenza Drive

    Boynton Beach FL 33472-7141

    Office/Fax # 561-732-9004

    Cell #   631-921-9552

    Email  rsccpa@bellsouth.net

     

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  • 2.  RE: AMENDED 990 & BASIS

    Bronze Most Valuable Member
    Posted 23 days ago
    I think you have to record the capital gain / loss, just like you would do for a for-profit business.  Hopefully the lodge recognized the income of the donation when they acquired the title (FMV of the gift at the time of donation.)

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    Irene Wachsler, CPA
    Wachsler CPA LLC

    Contact:
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