BBB23
Level 1
11-25-2020
08:01 AM
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I have a filing tax question in regards to a C Corporation that is owned by a non-profit organization.
What forms need to be filed with the 1120 to have the rental income from the corporation exempt from federal income taxes?
IRonMaN
Level 15
11-25-2020
08:22 AM
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Why would the rent be tax exempt?
Slava Ukraini!
qbteachmt
Level 15
11-25-2020
11:57 AM
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"to have the rental income from the corporation exempt from federal income taxes"
As usual, more details and some Perspective always helps. Example dialog: A Church also owns low income housing, and is running that property as the C Corporation, but the Rental income is donated to the charity which operates the Day Care/Drop In Center in that same multi-unit building. Income "from" the corporation is going to the charity, then. That's Perspective.
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"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.