The Downtown Wellness Clinic, a tax-exempt organization, sells memberships to corporations so that their employees can work out before and after office hours. Three blocks away, the Power Up Fitness Center has similar facilities and also wants to sell memberships to corporate neighbors. Is the clinic subject to federal income tax on its membership sales?
Answer to relevant QuestionsSally incurred a 90-mile round-trip commute every day, mainly because she could not get along with her super-visor at the sales office located fourmiles fromher home. Sally works under a one-year contract, and her assignment ...When might a taxpayer undertake transactions seemingly opposite to the usual tax planning principles? Julia currently is considering the purchase of some land to be held as an investment. She and the seller have agreed on a contract under which Julia would pay $ 1,000 per month for 60 months, or $ 60,000 total. The seller, ...Should Harris Corporation accelerate $ 100,000 of gross income into 2014, its first year subject to the AMT? Harris is subject to a 14 percent cost of capital. The corporate AMT rate is a flat 20 percent, and Harris ...What planning engagements can the tax professional offer? Why is he or she in an ideal position to offer these services?
Post your question