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Printable 2024 IRS 1099-MISC North Charleston South Carolina: What You Should Know

Any amount of  in the form of tax-free interest, dividends or dividends as well as any interest, royalties or fees to a “private granter trust” (a) A tax-exempt organization that: (1) is organized or is controlled by a nonprofit religious, educational (including for­merly fraternal) or bona fide recreational organization organized under the laws of a State or political subdivision thereof; or (2) is subject to all the tax provisions of Section 501(c)(3) of the Code and all the exempt organization rules of the United States Internal Revenue Service; that: (i) has no greater than one million members worldwide; and (ii) provides, within each State, more than one hundred percent of the funds used by the organization. (iii) In the case of the first definition of “religious” or “be bona fide recreational,” members must be or have been actively involved in a religious or bona fide recreational activity. In the case of the second definition, members must be a nonprofit religious, educational (including for­merly fraternal) or bona fide recreational organization as described in (2) above. (b) An exemption is not provided for a nonprofit corporation organized or operated primarily to solicit contributions to a bona fide social welfare or relief organization. The exemption provided by this subsection (b) is available for a fund to which paragraph (c) applies, provided that the organization, during the preceding 12-month period, submitted to the IRS (at the time of filing) an annual report concerning such fund (with respect to all contributors) containing information relating to such contributions. Note: A taxpayer will not have to pay additional tax on its gross income if it is exempt from taxation under section 501(c)(3) or 502. See Regulations section 1.501(c)(5) for more information on how to determine whether an individual is an “organization or individual.” The following exempt organizations to which paragraph (b) applies are “private granter trusts” as defined in Regulations section 1.501(c)(15) and 1.501(c)(15A). However, paragraph (b) does not exclude any portion of the income of such trusts and any capital gain or loss from the disposition of all or any portion of such income. See Regulations section 1.501(e) and (f) for details.

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