Re: [atlarge-discuss] FYI...

["J-F C. (Jefsey) Morfin" <jefsey@club-internet.fr>]

On 13:30 12/01/03, walts@att.net said:
> And about 501(c)3s:
>  The non profit corporation will not be a taxable entity as long as its
> activities are for charitable, scientific, religious or educational, or a
> combination thereof. In addition, as a 501(c)(3) corporation, the corporation
> will be allowed to receive tax free contribution and contributors will be
> permitted to deduct the contribution on their personal tax returns. You must
> be approved by the IRS before donations are considered tax deductible. There
> is a $500.00 fee made payable to the IRS which must be submitted with the
> application. Once the application has been accepted, you will receive a 
> formal
> letter of determination from the Internal Revenue Service. This process, once
> properly submitted, takes about 3 to 6 months.
Sorry, Walt, I do not understand the need of this local jargon. BTW if I am 
correct you are to pay $500 to be tax deductible :-) probably the whole 
yearly budget !
jfc


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