Tax Planning and Compliance for Tax-Exempt Organizations, Fifth Edition 2014 Cumulative Supplement

CHAPTER 19

Maintaining Exempt Status

§ 19.1 Checklists

§ 19.1 Checklists

^*p. 566. Add to bullet list:

• Exhibit 19.13, Annual Tax Compliance Issues for a Private Foundation

pp. 580–582. Replace Exhibits 19.8 and 19.9.

EXHIBIT 19.8

Annual Tax Compliance Checklist—Unrelated Business Income

Organization _____________________________________________________________________

Prepared by ___________________ Reviewed with _________________ Date ________________

A. Unrelated Business Income

1. Does the EO sell goods or services in an activity that is not related to or does not further its exempt purposes? [§§ 21.4 and 21.5]
2. Does the “related business” have a commercial taint? If so, complete Commerciality Test [Exhibit 21.1]
3. Are revenues and codes correctly reported on Form 990, Part VIII?	______________
4. Is the business activity substantial (as measured by gross revenue or staff time devoted to it) in relation to the organization's exempt activity? [§ 21.3]	______________
5. Does the organization do any of the following:	______________
5a. Sell advertisements in its publications? [§ 21.8(d) and Exhibit 21.4 for calculation of taxable portion]	______________
5b. Provide substantial benefits for corporate sponsorships? [§ 21.8(e)]	______________
5c. Rent personal or real property? [§ 21.10(c)]	______________
5d. Earn any income from indebted property, margin accounts, or loans? [§ 21.12]	______________
5e. Receive revenues from Subchapter S corporation or ...