is a gift given to a corporation taxable? This is a sportsman's organization, but does not qualify for 501 status. So, if someone give a gift (nondeductible to them) to the corporation, is it taxable to the corporation?
gift to a corporation taxable?
Jan 05, 2008
1 Replies
On Jan 5, 1:39 pm, "Gil Faver" organization, but does not qualify for 501 status. So, if someone give a
I don't see any reason why it would not be excluded, as long as the contribution is truly a gift -- i.e., the donor receives/expects nothing of value in return. Membership dues, for example, would be taxable income to the organization.
Katie in San Diego
Join the Discussion
Have something to add? Share your thoughts — no account required.
Didn't find your answer?
Ask the community — no account required