Author: Krieger Prager

THE FUTURE OF LIMITED LIABILITY COMPANIES AS SECTION 501(c)(3) ENTITIES

To date, the Internal Revenue Service (IRS) has generally not processed applications by limited liability companies (LLC) for recognition as a tax-exempt entity under Section 501(c)(3) of the Internal Revenue Code.¬† The last IRS guidance on this topic was nonbinding and was issued 20 years ago, shortly after LLCs emerged as a new form of […]

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APPRAISAL REQUIREMENTS FOR DONATIONS OF REAL PROPERTY AND OTHER ASSETS TO SECTION 501 ( C ) (3) ORGANIZATIONS

Introduction For Federal tax purposes, you must file ¬†Form 8283 to report information about noncash charitable contributions for which you are claiming an income tax deduction .. You must file one or more Forms 8283 if the amount of your deduction for each noncash contribution is more than $500. You must also file Form 8283 […]

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