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Association law is a term used in the United States for the law governing not-for-profit corporations under various tax codes. This includes charitable organizations, which are generally classified under 501(c)3 in the IRS Tax Code, professional societies, guilds and trade associations, which are classified under 501(c)6, and homeowner associations, which are classified under 501(c)4.
If an organization is to qualify for tax exempt status, the organization's (a) charter — if a not-for-profit corporation — or (b) trust instrument — if a trust — or (c) articles of association — if an association — must specify that no part of its assets shall benefit any people who are members, directors, officers or agents (its principals).
Exempt – Grandfather clause that allows a pre-existing condition to continue, Tax exemption that legally excludes income or other value to reduce taxable income Exercise of option Expectation damages
The issue of who controls common spaces — the condo units owners and their associations or the developer — has been at the center of several South Florida lawsuits, with courts recently ...
The National Taxonomy of Exempt Entities (NTEE) is a used by the Internal Revenue Service (IRS) and NCCS to classify U.S. tax-exempt organizations.A specialist from the IRS assigns an NTEE code to each organization exempt under I.R.C. § 501(a) as part of the process of closing a case when the organization is recognized as tax-exempt.
At the Palm Bay Yacht Club, condo owners were told they would need to pay for a $33 million construction project, prompting a group of residents to sue the condo board, the building management ...
Mutual benefit corporations must still file tax returns and pay income tax because they are not formed for a purpose from which anyone in the world could benefit. Mutual benefit corporations are formed for nonprofit purposes like managing a condo association, a downtown business district, or a homeowners' association.
A $21 million special assessment fee has outraged residents of two 16-year-old buildings at 1060 Brickell in Miami, Florida, with some unit owners facing individual bills exceeding $40,000.