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:
“I have no doubt that it was a principle they fought for, as much as our ancestors, and not to avoid a three-penny tax on their tea; and the results of this battle will be as important and memorable to those whom it concerns as those of the battle of Bunker Hill, at least.”
—Henry David Thoreau (1817–1862)
“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)
“What are you now? If we could touch one another,
if these our separate entities could come to grips,
clenched like a Chinese puzzle . . . yesterday
I stood in a crowded street that was live with people,
and no one spoke a word, and the morning shone.
Everyone silent, moving. . . . Take my hand. Speak to me.”
—Muriel Rukeyser (1913–1980)