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?
2 Replies 2
IRonMaN
Level 15
11-25-2020
08:22 AM
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Why would the rent be tax exempt?
ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
and ex marks the spot where those rocks and anvils hit me.
qbteachmt
Level 13
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.