07-11-1988 - Agenda Packet City Council - regular meeting

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within the 90 days, grantors and donors say continue to rely on the advance determination until the Service makes a final deteminstlon Of your foundation status. However, If notice that you will no longer be treated as a section 170(bH1)(A)(v0orgnnization is published in the Internal Revenue Bulletin, grantors and donors say not rely on this determination after the duo of such publication. Also. a grantor of donor may not rely on this daterminstlon if he was in part responsible for, or .aa aware of. the act or failure to act that resulted to yosr lone of ssctlon 170(b)(1)(iu(YL)Stztus, or acquired knowledge that the Internal Revenue Service had given notice that you would be reacted rrom classification as A section 170(b)4li(A)(vi)ergmnisaties. Donors may deduct contributions to you as provided in $mottos 110 of the Code. Bequists. legacies, devises. tianefers. or gifts to you or for your use are deductible for Federal estate and gift tax pu'rpesN If they seat the applicable provisions of sections 2055. 2106, and BBBB of the Cods. You are not liable for social security ;PICA) taxes unless you file a "Ivor of exemption certificate an provided in the Federal Insurance Contributions Act. You are not liable for the taxes imposed under the Federal Unemployment Tax Act (FWAI. Orgasizatlons that are not private foundations are not subject to the OXCLSo taxes under Chapter 42 of the Code. However. you are not automatically exempt Tres other Federal excise taxes. If you have Say questions eoneomlng these taxes. plsese let as )Inew. If your sources of support, or your purposes, character. or method of operation is Granted. you should lot us know so we can Consider the effect of the charge your status. Also. you should Infors as of all changes In your base ui address If the yes box at the top of :his letter Is chocked, you am required to file Fors 990. Return of Organization F.xespt From Inaomm Tax. only If your gross racalpts ewc yoar are normally more than $10,000w The return is due by the 15th day of the fifth month after the wnd of your annua. accounting parloJ The law Imposes a penalty of 810 a day, up to a ma:umum of $3,000. for failure to file the return an LINO You are not required to file Federal income tax returns "is" you am subject to the tax ran unrelated business Income under section 511 of the Code If you are Subject to this lax. you oust file an income tax return on Form 900-T In this letter wa are not determining whether why of your present or pr-. ad activities are unrelated trade of business as defintd In me '13 of the Code You need an axployor Ice, 'ificatlon number even If you have no +aployots If an mployer lb+ •fieatlon member was not entered on vour appllcatton a number will be assigned to you an] you will be .dviaod of it Feast use that number on all returns you Pilo and 1n all correspoudonce with the Internal Revenue Service cl Sincerely yours.