Articles

A Broader Tax Exemption – Excluding Income Related to Governmental Functions

There is a little-known section of the Code that excludes almost all revenue from the definition of "gross income." Moreover, if the revenue of an exempt organization qualifies for exclusion under this provision, the organization can be exemt from filing annual Forms 990.  The exclusion provided by this rarely used Code section covers a much […]

Business Aircraft Federal Tax Depreciation Basics (Part 1)

Attorney Troy Rolf dissects the details of depreciation and describes how this accounting principle can benefit owners of business aircraft. “Certain uses of an aircraft by a business entity that arguably may be considered qualified business uses nevertheless will not qualify under certain circumstances.”   Business Aircraft Federal Tax Depreciation Basics (Part 1)

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