khorshed
Level 3
06-14-2021
04:59 PM
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My client is a Church with 501C (3) exemption. An Individual offered to donate "X" stocks to the church. my understanding the church needs to open a brokerage account to transfer the stocks, correct?
When the church receive the stocks & sell them, do we have to report the sales to the IRS? right now church is exempt from filing taxes?
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George4Tacks
Level 15
06-14-2021
05:41 PM
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Yes, the church would have to open an account to hold the shares and to sell them. It is possible that a paper certificate could be issued, but ....
Why is the church exempt from filing? Look at this link.
Here's wishing you many Happy Returns
