Orange County NC Website
Browse       Search
DocuSign Envelope ID: ED5F0D80-E787-4882-9C8B-6E2C980000A7 <br /> s <br /> If your gross receipts each year are normally more than $5,000, <br /> you are required to file Form 990, Return of Organization Exempt <br /> From Income Tax, by the 15th day of the fifth month after the end <br /> of your annual accounting period. The law imposes a penalty of $10 <br /> a day, up to a maximum of $5,000, for failure to file a return on time. <br /> You are not required to file Federal income tax returns unless <br /> you are subject to the tax on unrelated business income under section <br /> 511 of the Code. If you are subject to this tax, you must file an income <br /> tax return on Form 990-T. In this letter we <br /> are not determining whether <br /> any of your present or proposed activities are unrelated trade or <br /> business as defined in section 513 of the Code. <br /> You need an employer identification number even if you have no <br /> employees. If an employer identification number was not entered on <br /> your application, a number will be assigned to you and you will be <br /> advised of it. Please use that number on all returns you file and in <br /> all correspondence with the Internal Revenue Service, <br /> Please keep this determination letter in your permanent records. <br /> Sincerely yours, <br /> \Le [ <br /> e pt Organization Specialist , <br /> 404-526-4516 <br /> This determination letter is issued with the understanding that the <br /> school will schedule all classes determine and collect fees for the <br /> classes, and pay the instructors a salary not to exceed reasonable <br /> compensation for services performed. <br /> This ruling is based on evidence that you have a racially nondiscriminatory <br /> policy as to students. Rei-enue Procedure 75-50, IB 1975-49, page 46, <br /> sets forth guidelines and recordkeeping requirements fqr determining <br /> whether private schools have racially nondiscriminatory policies as to <br /> students. To insure your continued exemption, you should maintain <br /> records to show that you are in compliance with allNof the requirements <br /> of Revenue Procedure 75-50. <br /> This determination letter modifies our letter of September 7, 1976 <br /> holding you exempt under section 501(p)(3) to the.extent that it is <br /> inconsistent with this letter. <br /> Form 1-17R(Rev. 8-731 <br />