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Under U.S. Federal income tax law, a net operating loss (NOL) occurs when certain tax-deductible expenses exceed taxable revenues for a taxable year. [1] If a taxpayer is taxed during profitable periods without receiving any tax relief (e.g., a refund) during periods of NOLs, an unbalanced tax burden results. [ 2 ]
Under the treatise, church government takes place at the congregational level. Local congregations voluntarily join local, state and national associations in order to facilitate missions, association colleges, new church planning and other activities. The treatise is not binding on the member congregations.
According to the LDS Church, most of its revenues come in the form of tithes and fast offerings contributed by members. [15] Tithing donations are used to support operations of the church, including construction and maintenance of buildings and other facilities, and are transferred from local units directly to church headquarters in Salt Lake City, where the funds are centrally managed.
The Confession of 1967 is a confession of faith of the Presbyterian Church (U.S.A.), abbreviated PC (USA).It was written as a modern statement of the faith for the United Presbyterian Church in the United States of America (UPCUSA), the "northern church", to supplement the Westminster Confession and the other statements of faith in its then new Book of Confessions.
The Brief Statement of Faith is a statement of faith adopted by the Presbyterian Church (USA) in 1991 as part of its Book of Confessions.. The statement was forged during the union of the United Presbyterian Church in the United States of America and the Presbyterian Church in the United States in the formation of the Presbyterian Church (USA).
The United Methodist Church adopted the Confession of Faith in 1968 when the Methodist Church merged with the Evangelical United Brethren Church to form the United Methodist Church. The Confession of Faith covers much of the same ground as the Articles of Religion, but it is shorter and the language is more contemporary.
The Statement of Faith of the United Church of Christ is a Christian confession of faith written in 1959 to express the common faith of the newly founded United Church of Christ, formed in 1957 by the union of the Evangelical and Reformed Church with the Congregational Christian Churches. The statement was prepared by a 28-member commission ...
The Baptist Faith and Message (BF&M) is the statement of faith of the Southern Baptist Convention (SBC). It summarizes key Southern Baptist thought in the areas of the Bible and its authority, the nature of God as expressed by the Trinity, the spiritual condition of man, God's plan of grace and salvation, the purpose of the local church, ordinances, evangelism, Christian education, interaction ...