about social club taxation rules

  • Creator
    Topic
  • February 25, 2015 at 12:57 am #192300
    Mintee
    Member

    Hi Guys,

    I am confused about the social club taxation rules.

    For example, one social club is a tax exempt organization but it has UBI resulted from membership fees and charges for provider services for members. Can this social club deduct those income when calculating the taxable income?

    In textbook R3-59, it says ā€œmembership organizations usually taxed on gross income less deduction for exempt function incomeā€, which in my understanding means those membership dues and fees can be deducted. Is my thought correct?

    Thank you everyone!

    CA candidate, live and work in Colorado
    āœ“BEC--76 (expired) 82
    āœ“FAR--62, 77
    āœ“AUD--70, 70, 64, 86
    āœ“REG--69, 74, 84

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