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Posted on 11/11/10 at 2:25 pm to Ray Ray Rodman
quote:
Im sure the $200,000 in donations was done in less than $10k installments. Poof! That loophole was easy as sunday morning.
also applies to two or more related payments in excess of $10k and payments that are part of a single transaction received during a 12 month period that are in excess of $10k.
basically unless Cecil negotiated a 20 year payment plan it's a reportable transaction.
Posted on 11/11/10 at 2:26 pm to Ray Ray Rodman
quote:
Im sure the $200,000 in donations was done in less than $10k installments.
What about this? I doubt that someone just all of the sudden made one huge donation. I would assume it would be a bunch of smaller donations. That happen to amount in the neighborhood of $200,000. That would be harder to trace i would believe and track down. So are we talking about whether they received one big donation, or how much they received total over a period of time?
Posted on 11/11/10 at 2:27 pm to Ray Ray Rodman
quote:
Im sure the $200,000 in donations was done in less than $10k installments.
Poof! That loophole was easy as sunday morning.
Any persons who receive more than $10,000 while conducting their trade or business must file a Form 8300. The $10,000 may occur in a single transaction, or a series of related transactions.
Posted on 11/11/10 at 2:27 pm to Ray Ray Rodman
lack of institutional control...
bad stuff.
bad stuff.
Posted on 11/11/10 at 2:28 pm to Boudreaux in SF
quote:
Church that qualifies as an organization recognized under Section 501c3 is exempt from paying income tax, but still has to file an Information Return.
Ok what form is it?
Non-profit organizations must fill out form 990 which is a Information Return.
Churches are exempt from this.
IRS.gov
This post was edited on 11/11/10 at 2:28 pm
Posted on 11/11/10 at 2:33 pm to Ray Ray Rodman
quote:
Church donations are private anyway and he doesnt have to say who they came from regardless.
A charitable organization must provide a written disclosure statement to a donor who makes a payment exceeding $75 partly as a contribution and partly for goods and services provided by the organization. Such a contribution is known as a quid pro quo contribution.
Assuming thre was a $200,000 contribution to Newton's father's church, the donor may not want to claim a deduction for the contribution. But the church must provide him with a disclosure statement regardless if the contribution was contingent on Cam's signing a letter of intent to attend Auburn and play football for Auburn.
If it doesn't the church could face a whopping $10 penalty from the IRS!!!
Posted on 11/11/10 at 2:33 pm to theenemy
Every organization exempt from federal income tax under Internal Revenue Code section 501(a) must file an annual information return except:
Is Mr. Newton's orgainzation exempt under 501c3 as was asked or 501a, big difference.
Is Mr. Newton's orgainzation exempt under 501c3 as was asked or 501a, big difference.
Posted on 11/11/10 at 2:37 pm to Vols22
quote:
Any persons who receive more than $10,000 while conducting their trade or business must file a Form 8300. The $10,000 may occur in a single transaction, or a series of related transactions.
Working for Regions Bank for 11 yrs, I have seen this bypassed many times. Suppose to and do arent the same thing.
Posted on 11/11/10 at 2:41 pm to Vols22
quote:
Any persons who receive more than $10,000 while conducting their trade or business must file a Form 8300. The $10,000 may occur in a single transaction, or a series of related transactions.
quote:
exempt organizations would not need to report the receipt of cash donations over $10,000 because an exempt organization is not, in carrying out its exempt function, included in the definition of a trade or business under IRC section 162.
Posted on 11/11/10 at 2:43 pm to Ray Ray Rodman
quote:
Cam's father doenst have to provide shite to anyone regarding church donations.
He already did wingnut.
Posted on 11/11/10 at 2:44 pm to Ray Ray Rodman
quote:not sure what your point is here. we're not talking about Joe frickwad doing this we're talking about what has become a pretty high profile news story. If he didn't comply then he's in for a world of hurt on top of all the other shite.
Working for Regions Bank for 11 yrs, I have seen this bypassed many times. Suppose to and do arent the same thing.
Joe frickwad not complying is completely irrelevant.
Posted on 11/11/10 at 2:44 pm to crimsonsaint
quote:
He already did wingnut.
And just what did he provide?
Posted on 11/11/10 at 2:45 pm to PuntBamaPunt
quote:
Didn't they drop the ban hammer on Renardo Sydney b/c they refused to provided financials?
Saban dropped the ban hammer on Andre Smith cause he wouldn't provide financials.
Posted on 11/11/10 at 2:45 pm to theenemy
quote:
exempt organizations would not need to report the receipt of cash donations over $10,000 because an exempt organization is not, in carrying out its exempt function, included in the definition of a trade or business under IRC section 162.
You forgot to include the title of that section
quote:
If a non-profit organization is selling a tangible asset like furniture or vehicles and receives cash for it that exceeds $10K, is there a Form 8300 filing requirement?
Posted on 11/11/10 at 2:46 pm to drexyl
quote:
If he didn't comply then he's in for a world of hurt on top of all the other shite.
But they would have to prove that and they cant.
Posted on 11/11/10 at 2:48 pm to Boudreaux in SF
quote:
Is Mr. Newton's orgainzation exempt under 501c3 as was asked or 501a, big difference.
Title 26:501(a)
states:
quote:
(a) Exemption from taxatioAn organization described in subsection (c) or (d) or section 401 (a) shall be exempt from taxation under this subtitle unless such exemption is denied under section 502 or 503.
n
Its the same thing
Posted on 11/11/10 at 2:48 pm to theenemy
the fact that it is a church does not make it a sacred cow. yes a normal church carrying out normal operations wouldn't have to worry. this situation is pretty far from that and the transaction is going to be looked at.
selling your son to the highest bidder isn't exactly furthering your exempt purpose.
selling your son to the highest bidder isn't exactly furthering your exempt purpose.
Posted on 11/11/10 at 2:49 pm to Ray Ray Rodman
NCAA can decide whatever the frick it wants to decide based on any type of evidence and a decision made. This isn't the court of law for the 1000th time.
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