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1 <br />-2- <br />ORONO ICE ARENA INC <br />Code. Bequests, legacies, devises, transfers, or gifts to you or for your use <br />are deductible for federal estate and gift taoc purposes if they meet the <br />applicable provisions of Code sections 2055, 2106, and 2522. <br />Contribution deductions are allowable to donors only to the extent that <br />their contributions are gifts, with no consideration received. Ticket pur­ <br />chases and similar payments in conjunction with fundraising events may not <br />necessarily qualify as deductible contributions, depending on the circum­ <br />stances. See Revenue Ruling 67-246, published in Cumulative Bulletin 1967-2, <br />on page 104, which sets forth guidelines regarding the deductibility, as chari­ <br />table contributions, of payments made by taxpayers for admission to or other <br />participation in fundraising activities for chari'.y. <br />In the heading of this letter we have indicated whether you must file Form <br />990, Return of Organization Exempt From Income Tax. If Yes is indicated, you <br />are required to file Form 990 only if your gross receipts each year are <br />normally more than $25,000. However, if you receive a Form 990 package in the <br />mail, please file the return even if you do not exceed the gross receipts test. <br />If you are not required to file, simply attach the label provided, check the <br />box in the heading to indicate that your annual gross receipts are normally <br />$25,000 or less, and sign the return. <br />If a return is required, it must be filed by the 15th day of the fifth <br />month after the end of your annual accounting period. A penalty of $10 a day <br />is charged when a return is filed late, unless there is reasonable cause for <br />the delay. However, the maximum penalty charged cannot exceed $5,000 or 5 per­ <br />cent of your gross receipts for the year, whichever is less. This penalty may <br />also be charged if a return is not complete, so please be sure your return is <br />complete before you file it. <br />You are not required to file federal income tax returns unless you are <br />subject to the tax on unrelated business income under section 511 of the Code. <br />If you are subject to this tax, you must file an income tax return on Form <br />990-T, Exempt Organization Business Income Tax Return. In this letter we are <br />not determining v/hether any of your present or proposed activities are unre­ <br />lated trade or business as defined in section 513 of the Code. <br />You need an employer identification number even if you have no employees. <br />If an employer identification number was not entered on your application, a <br />number will be assigned to you and you will be advised of it. Please use that <br />number on all returns you fils and in all correspondence with the Internal <br />Revenue Service. <br />In accordance with section 508(a) of the Code, the effective date of this <br />determination letter is May 16, 1996. <br />If we have indicated in the heading of this letter that an addendum <br />applies, the enclosed addendum is an integral part of this letter. <br />Because this letter could help resolve any questions about your exempt <br />Letter 947 (DO/CG)