Peter J Reilly on Oct 01, 2014 06:50AM
Gaining recognition as a tax exempt organization under Code Section 501(c)(3) can be a little challenging. Once that hurdle is passed an organization might find that gaining exemption from local property taxes can be even more challenging. In many states, activities that qualify as exempt under 501(c)(3), do not pass muster when it comes to property tax exemption. That does not, however, seem to be what is at the heart of the recent decision by the Supreme Court of The State of Idaho in the case of Idaho Youth Ranch Inc v Ada County Board of Equalization. Rather it seems that planners may have gotten blindsided by applying a benign federal income tax principle in a different arena. The lesson in this case seems to be that we need to be a little more careful about the effects that using Limited Liability Companies can have.
Strategyand on Oct 01, 2014 06:49AM
By Chris Vollmer and Matt Egol, Partners at Strategy&, a member of the PwC network of firms (formerly Booz & Company)
Chloe Sorvino on Oct 01, 2014 06:31AM
Billion-dollar fortunes aren?t made in the boutiques on Madison Avenue. Eleven members of the Forbes 400 owe their billionaire status to the local shopping mall.
My Say on Oct 01, 2014 06:30AM
Like investment bankers, entrepreneurs are always showing off the empty weekend office, their Friday night computer screens, or their holiday weekend completion list. Are we really getting more accomplished or are we damaging our long-term prospects?