April 2020
Intermediate to advanced
944 pages
33h 53m
English
Content preview from Tax Planning and Compliance for Tax-Exempt Organizations, 6th Edition
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CHAPTER 9Social Clubs: §501(c)(7)
Social clubs are defined in Internal Revenue Code (IRC) §501(c)(7) as “clubs organized for pleasure, recreation, and other nonprofitable purposes, substantially all of the activity of which are for such purposes and no part of the net earnings of which inures to the benefit of any private shareholder.” The tax exemption is based on the logic of allowing individuals to pool their funds for recreational purposes and is fundamentally very different from other types of exemptions. A club is not exempt because it provides public benefit, but rather because it serves to benefit private individuals. It is designed to allow individuals to join together on a mutual basis for personal reasons ...
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