1. TASK: Insert the appropriate word in the text below:
amateur - charitable - contribution - deductions
exempt - fraternities - sororities
Tax-Exempt Status
Nonprofit organizations may apply to the Internal Revenue Service in order to be __________ from federal income taxes.
A second issue is whether a donor's __________ to a nonprofit organization will qualify as a charitable deduction on the donor's income tax return. For example, churches, schools, and Red Cross chapters are some of the nonprofits that will __________ as tax-exempt and their donors' contributions will also qualify as charitable __________ on the donors' income tax returns.
However, there are nonprofits that qualify as tax-exempt but their donors' contributions do not qualify as __________ deductions (although they may qualify as business expenses). Examples of these nonprofits include social organizations, chambers of commerce, college __________ and __________, __________ sports clubs, employee organizations, and more.
Even if a nonprofit is exempt from federal income taxes, it is likely that its employees will be subject to employment taxes. Nonprofits may or may not be exempt from sales taxes, real estate taxes, and other taxes depending on which state in the U.S. they are incorporated or operate.
2. CHECK YOUR SPEAKING
|
amateur |
[ ˈæm.ə.tər ] |
любитель |
|
charitable |
[ ˈtʃær.ɪ.tə.bl̩ ] |
Благодійний |
|
contribution |
[ ˌkɒntrɪˈbjuːʃn ] |
Вклад |
|
deductions |
[ dɪˈdʌk.ʃən ] |
Вирахування |
|
exempt |
[ ɪɡˈzempt ] |
звільнений |
|
fraternities |
[ frəˈtɜː.nə.ti ] |
братство |
|
sororities |
[ səˈrɒr.ɪ.ti ] |
Жіночий клуб |
3. SEE CORRECT ANSWER
Tax-Exempt Status
Nonprofit organizations may apply to the Internal Revenue Service in order to be exempt from federal income taxes.
A second issue is whether a donor's contribution to a nonprofit organization will qualify as a charitable deduction on the donor's income tax return. For example, churches, schools, and Red Cross chapters are some of the nonprofits that will qualify as tax-exempt and their donors' contributions will also qualify as charitable deductions on the donors' income tax returns.
However, there are nonprofits that qualify as tax-exempt but their donors' contributions do not qualify as charitable deductions (although they may qualify as business expenses). Examples of these nonprofits include social organizations, chambers of commerce, college fraternities and sororities, amateur sports clubs, employee organizations, and more.
Even if a nonprofit is exempt from federal income taxes, it is likely that its employees will be subject to employment taxes. Nonprofits may or may not be exempt from sales taxes, real estate taxes, and other taxes depending on which state in the U.S. they are incorporated or operate.
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в підручнику “Practical Financial English”
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