Ka public charities may be qualifying classified into

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Unformatted text preview: able Contributions QUALIFYING ORGANIZATIONS Qualifying organizations, a.k.a. “public charities” may be Qualifying classified into two types. Each is treated differently for tax purposes: tax One type is also called “public charities.” Examples are: One “public x Government units x Tax-exempt hospitals & Tax-exempt medical organizations medical x Religious organizations Religious x Private operating Private & churches churches foundations that distribute x Tax-exempt educational at least 85% of their Tax-exempt income to further their institutions exempt purpose annually exempt 33 Charitable Contributions QUALIFYING ORGANIZATIONS A second type of qualifying charity consists of: x Private, non-operating foundations (private foundations Private, that do not distribute at least 85% of their contributions to further their exempt purpose, each year). to x Organizations of war veterans x Nonprofit cemetery companies or associations x Certain fraternal organizations 34 Charitable Contributions VALUATION OF CONTRIBUTIONS Type of Charity Type of Proper...
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This note was uploaded on 06/06/2011 for the course ACE 346 taught by Professor Peter during the Spring '11 term at University of Illinois, Urbana Champaign.

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