Tax Exempt Entities
U.S. tax law exempts certain types of entities from income and some other taxes. These provisions arose during the late 19th century. Charitable organizations and cooperatives may apply to the IRS for tax exemption. Exempt organizations are still taxed on any business income. An organization which participates in lobbying, political campaigning, or certain other activities may lose its exempt status. Special taxes apply to prohibited transactions and activities of tax exempt entities.
Read more about this topic: Income Tax In The United States
Famous quotes containing the words tax, exempt and/or entities:
“In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.”
—Alexis de Tocqueville (1805–1859)
“The generations of thy peers are fled.
And we ourselves shall go;
But thou possessest an immortal lot,
And we imagine thee exempt from age”
—Matthew Arnold (1822–1888)
“Experimental work provides the strongest evidence for scientific realism. This is not because we test hypotheses about entities. It is because entities that in principle cannot be ‘observed’ are manipulated to produce a new phenomena
[sic] and to investigate other aspects of nature.”
—Ian Hacking (b. 1936)