|
<br />"
<br />
<br />;
<br />
<br />lwIN CITIES HOUSING DEVELOPMENT
<br />
<br />(lcl}1(ors may dt?cllld; \:I:,n'};ribn-l;ic,ns. tCI Y\H\ a~ prclvit.l~d in !)f.'d;i(cn 1"7(1 1:I'f 'che
<br />Cr.lde.' Bequests, 11?!1c'sc:ie-;, d~visE1S' ·1;ransfE.'rs, (II" gifts tee' ~Ielu'or f\)r YCll1r use
<br />are deduc~ible før Federal ~state and gift tax purposes if they m~et the
<br />applicable plrC1visiclns (If [;~Ide s~cti..:;ns 205f;i, 2106, and 2522.
<br />
<br />Ccmtribution, ~F:duc'l;iclns at't:,t all~IHablt' tel dClncll's clTdy t,:, the e>ttent th,~t
<br />,th~!Ïlr cClntributiclTrS al"£! yifts, !tlith no cClnsidffl"aticln received. )ïckEd; pur-
<br />chases and simi lar payments In conjunction Hith fundralølng ~vents may not
<br />n£tcessaril'y qualify ðS. c1edud:ible cc,ntributie1ns, df:pending (m '\;hf: circ:uw-
<br />stances. Se~ R~venue Ruling 67-246, publ ¡shed in Cumuldtive Bull~tin 1967-2,
<br />(In page 104, ¡.¡hich SE:t~s 'f(lr·th !)\Iicled lOftS Iregarding tht!' dedud;ibi I i'cy, as chari-'
<br />table cont~ibutions, Qf payments madQ by taxpayers for ~dmission to or other
<br />participatic'n in fundraisiTIQ a¡:t:ivU;ies fe,l" chat'¡ty.
<br />
<br />In the heading of this letter He have indicated Hh~ther you must fi Ie Form
<br />990, Return øf Organiza~ion Exempt From Income Yax. If Yes is i~dicated, you
<br />are required to file Form 990 only if your gross r~ce¡pts each Y0ar are
<br />nCll"mally m(' '(~ thrJ1ì $:¿f"OØO. HC'!,le'lË'r·, if you j"ect?ive a F')IPm '-)90 pac!<agi': in the
<br />r~~ I, pl~ase fi Ie th~ returu even if you do n~t ex(e~d the gro~5 receipts test.
<br />':y,)I! ar~ ïlot rt'qu!red 'j;,:. fi :,,::t ~.imply attach the !ab¿.! pn:1vil,¿,¡):< r.h~:r;k thf:
<br />b (t': i n th~ J : (": <, d i 'fI ~ì '1.:':< i":'1 die is -t:f~ -1;hr) t )0'<:0111' ::)1'11"1\! ,¡ I ~}I'o!> So ¡.-,,:c e i ¡:, 'I; s a I'I? no "iï"j I I Y
<br />$25,000 or less, and sign the return_
<br />
<br />If a r~:tl1 "n is rf:quin:d, iol; mu~;i; be' fi l~cI by the U:;°i;h tiny (,f the fj-fth
<br />mClnth élft~r the ¡;onel (1°f y')l\1'" ù'nnnës I t'rccount i fig per i cld. ~'I penë:' I ty elf 'HO a day
<br />is char'ge<l ~lh€:l1 ëJ n::'I~ul-n is fi le:d' la't;e, unles~, °t:h£'I"e is rea5c<nabJ~ caUSi=: for
<br />the d~Jay. HoweYË'r, the m~xim"m penalty charged cannot exc~ed $5,000 01";5 per-
<br />cent elf your grQ's!; Irt?C1:!Ïpts for the ~tear, Hhich,:~vel" is less_ This pt?rralty ß1ay
<br />also be chavDed if a return is not cDmple~e,·so pleas~ be sure your return is
<br />complete before you 1i Ie it.
<br />
<br />You are oot required to f¡ Ie Federal income tax r€:turns unless you are
<br />subject to tl1e ta): 00 unrelat~d busin~ss income under section 511 of the Code.
<br />If you ëlr~ ~;\Jb.ject '\;.:' th ¡:o tër):, you mu~;t 'f i I E' an i nCN(,t? ta): j"etul,oTI on Fonn
<br />99(1-T, Ey.~n1pt Orfli;¡nizï:,-t;ie,n Business Xnco:'l'I1!:ô' Ta): F:l?turn. hI °1;hi5o let'j-;i?I" ~'Ie aI'€:
<br />not determining whether any of your preseßt or proposed activities are unre-
<br />lated trad€: or business as defined in s€:ction 513'of the Code.
<br />
<br />VO" n~ed an employer identificatio~ number even if you 11ave no employ~e5.
<br />If an employer ¡dentificatio~ number Has not eTItered on your appl ication? a
<br />numbfi:r ~1Ì11 bl? "H~!¡;i~JTfE'.'I:I·t;c' YCtll é'I'Od YCIU Hill b¡;: advised cd' it. Pli?élse \lSf:! that
<br />number «n all ,return:, YC<IJ 1'i IË' and in all co:'rrt'?spond£'ncc:: ~olith °l;he Inte:::rn.:/I
<br />
<br />.. ~lenUE' SE'rvicc.:!ar
<br />
<br />T~is determination is based on evidence that your funds are dedicated
<br />to, the purposes I ¡sted in section 501(c) <?) of the Code. To ass"rË' your
<br />continued exemption, you should maintain records to ShOH that funds are
<br />exþended only for those purpos~5. If 'you distribute funds tD other
<br />organizat¡on5~ YDur records should shOH whether they are exempt under
<br />
<br />-'
<br />
|