Topic Thread

1.  501C(4)

Posted 11 days ago

I have a 501C4 client which gave away it's building to a 501C3 entity.  The reason was to not have to pay the NYC Real Estate Taxes. Does anyone know how this is reported on the 990?

 

Thanks,

 

Alan Brooks

 

Brooks & Cantor LLP

3000 Marcus Avenue – Suite 2E4

Lake Success, NY 11042

516.326.6767 X116 Fax 1.866.344.7288

 

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2.  RE: 501C(4)

Posted 10 days ago

If the value of the asset is more than 25% of the assets of the organization, the transaction would be reported on Schedule N.

 

Chini Lee Streitwieser, C.P.A.

661 Bering Drive, No. 802

Houston, Texas  77057-2139

713 917 0723

832 541 6590 (cell)

chinilee@comcast.net

 

 

 






3.  RE: 501C(4)

Posted 10 days ago

You may have to do additional reporting if the receiving organization is related to your organization.

 

Chini Lee Streitwieser, C.P.A.

661 Bering Drive, No. 802

Houston, Texas  77057-2139

713 917 0723

832 541 6590 (cell)

chinilee@comcast.net