Leaderboard

I always amazes me how red tape gets cut fast when the person writing the letter is a lawyer. All the BS corporate requirements seem to fade away when the actual law is cited to someone enforcing corporate policy. Tom Longview, TX

Oh, that changes my answer. per: https://www.irs.gov/charities-non-profits/churches-integrated-auxiliaries-and-conventions-or-associations-of-churches "Churches (including integrated auxiliaries and conventions or associations of churches) that meet the requirements of section 501(c)(3) of the Internal Revenue Code are automatically considered tax exempt and are not required to apply for and obtain recognition of exempt status from the IRS." So now what is the next step? If this was my local parish, I would furnish the above information to the investment group. If that did not work, I would ask the CFO of our Diocese for help in resolving the matter.

Incorrect. Suggest you review sect 172(a).

Maybe some confusion in how I am reading your statement; but I think you are referring to the year of loss and carryforward computation. In the year of deduction the limitation is taxable income (with 80% rule) without regards to section 199A.

Yes, they will be there waiting for you.

"Jack Fisher & James Sinnott were convicted of conspiracy to defraud the United States, conspiracy to commit wire fraud, aiding and assisting the filing of false tax returns and subscribing to false tax returns. The convictions stem from Fisher and Sinnott’s fraudulent tax shelter scheme involving syndicated conservation easements dating back nearly two decades. In total, the defendants sold more than $1.3 billion in fraudulent tax deductions through this scheme. Fisher and Sinnott face a maximum penalty ranging between three and 20 years in prison for each count of conviction. The government is also seeking the forfeiture of monetary proceeds and real properties purchased by Fisher and Sinnott in connection with their fraud scheme." They got away with this scam for almost 20 years