![]() ![]() ![]() The internal evidence on this one is very strong that it is a "home corporation" of a Knights of Columbus Council. That was more or less the essence of Private Letter Ruling 201603039. With anything like that there are going to be exceptions and bingo is one of them.įor 501(c)(3) Status You Need More Than BingoĮven though running bingo games does not make for UBTI, you cannot qualify an organization for exempt status if what it does is mostly run bingo games. If a not-for- profit runs a business unrelated to its exempt status, it is taxed on the profits. Section 513 is about unrelated trade or business income of not-for-profits. Somehow I had managed to get through over 35 years of tax practice without realizing a portion of the Internal Revenue Code is dedicated to bingo - Section 513(f) - Certain bingo games.
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