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 10Instrumentalities of Government and Title-Holding Corporations
10.1 §501(c)(1) Instrumentalities of the United States
Internal Revenue Code (IRC) §501(c)(1) exempts “instrumentalities” of the United States organized specifically under an act of Congress. Among these instrumentalities are the following:
- Federal Deposit Insurance Corporation (FDIC)
- Federal Home Loan Banks
- Federal Land Banks
- Federal Intermediate Credit Banks
- Federal National Mortgage Association (FNMA)
- Federal Reserve Bank
- Federal Crop Insurance Corporation
- United States Housing Authority
- Pennsylvania Avenue Development Corporation
- Federal Credit Unions
- Pension Benefit Guaranty Corporation
These creations of Congress are considered exempt because they are wholly owned by the United States government. They are required neither to file annual information returns nor to apply for exemption from income tax.
10.2 Governmental Units
States, their municipalities, and other divisions thereof, interestingly, ...
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