tax exemption

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Related to Tax-exempt organization: Tax exempt status, 501c

Tax Exempt

Describing income or organization that is not subject to taxation. Examples of tax exempt organizations include religious groups and charities. Additionally, certain income an individual or corporation derives may be tax exempt. For example, coupons from a municipal bond are tax exempt at the federal level. See also: Tax credit, tax deduction.
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tax exemption

A reduction in the assessed rate of real property for purposes of calculating ad valorem taxes.Properties used for religious purposes usually have a 100 percent reduction,resulting in no tax liability. Additional exemptions might be granted for other uses, such as for a personal residence,timberland,or conservation land. One must generally apply for exemptions; they are not granted automatically.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
As a result, the tax-exempt organization may need to reasonably approximate UBTI by state.
Microdata records of all Forms 990 and 990-EZ sampled for the annual SOI study of tax-exempt organizations. Microdata records contain information on balance sheets and income statements, as well as weights (to estimate the population), for each organization.
5) Most Recently Filed Corporate Annual Report from State of Incorporation --A Florida-based, tax-exempt organization must file an annual report with the Florida Department of State, Division of Corporations, just like a for-profit organization.
The organizations that must fill out Form 8922 will include a wide variety of tax-exempt organizations, such as religious, charitable, scientific and literary groups.
The Internal Revenue Service recently provided valuable guidance for tax-exempt organizations regarding joint ventures with commercial business entities.
This proposal would implement changes in federal tax laws to provide a guide for tax-exempt organizations which are required to make applications for tax-exemption and annual information return available for public inspection.
The modification further provides exceptions to the "look-through" rule whereby such income would not be included as UBTI if attributable to an insurance or reinsurance policy under which the insured (directly or indirectly) is (i) the tax-exempt organization; (ii) a tax-exempt affiliate of such organization; or (iii) a director, officer or employee of the tax-exempt organization or its affiliate providing that the coverage solely concerns risks associated with the performance of services for the benefit of the tax-exempt organization or its affiliate.
An organization that wishes to apply for recognition as a tax-exempt organization must generally do so within 15 months after the date it is created.
At issue were a number of tax code provisions that allow churches, which are tax exempt under section 501(c)(3) of the Internal Revenue Code, to receive benefits beyond the standard exemption that other tax-exempt organizations have.
Beginning with the 2008 tax year, Form 990 requested new information about a tax-exempt organization's foreign activities on Schedule F, Statement of Activities Outside the United States.
IRS focus on the international activities of tax-exempt organizations includes increased reporting of foreign bank accounts, operations, and investments.
The new rule that almost every tax-exempt organization must annually file an information return with the IRS to maintain status will be quickly adopted by the sector, raising the expectation that basic transparency is required to be a tax-exempt organization.