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The law focuses on for-profit corporations and limited liability companies (LLCs), but non-profit corporations like condominium, cooperative, and homeowners associations are not exempt from its ...
Form 1023 is a United States IRS tax form, also known as the Application for Recognition of Exemption Under 501(c)(3) of the Internal Revenue Code. It is filed by nonprofits to get exemption status. On January 31, 2020, the IRS abandoned the paper format of the form 1023.
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.
A homeowner association (or homeowners' association [HOA], sometimes referred to as a property owners' association [POA], common interest development [CID], or homeowner community) is a private, legally-incorporated organization that governs a housing community, collects dues, and sets rules for its residents. [1]
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The predecessor of Internal Revenue Code Section 501(c)(7) was part of the Revenue Act of 1913, which provides a tax-exemption to "fraternal beneficiary societies, orders, or associations operating under the lodge system or for the exclusive benefit of the members of a fraternity itself operating under the lodge system". [88]
Passage of the Condominium Act then opened a wave of construction of condominium buildings. [40] The cooperative form can be advantageous as a building mortgage can be carried by the cooperative corporation, leaving less financing to be obtained by each co-op owner. Under condominium ownership only the separate condo owners provide financing.
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