Exempt status requires the right purpose

Article Abstract:

Organizations may apply for tax-exempt status if they meet the requirements set by the IRS, the most significant one being that their earnings not personally benefit members or private shareholders. Such organizations as labor groups, business/trade associations, social clubs, employees' leagues, farmers' cooperatives, and others which have qualified for exemption from Federal income taxation will be covered by the business income tax rules of Sections 511 to 514.

Associations, institutions, etc., Associations, Tax exemption, Tax exemptions

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Guidelines for allocating interest expense provided in new temporary regulations

Article Abstract:

The IRS has released temporary regulations (Temp. Reg. 1.163-8T) covering allocation of interest costs for purposes of applying investment interest, passive loss, and personal interest limitations. The temporary regulations allocate interest expense on debt in the same way as the debt with which the interest is associated. The disbursement of the debt proceeds to given expenditures is traced to allocate the debt.

Debt, Interest, Interest (Finance)

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