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:
“If you tax too high, the revenue will yield nothing.”
—Ralph Waldo Emerson (1803–1882)
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Bless with an age exempt from scorn or crime;
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—Willard Van Orman Quine (b. 1908)