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?
Brooks & Cantor LLP
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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)
You may have to do additional reporting if the receiving organization is related to your organization.