[17534] in APO-L
Re: What it means to be tax exempt...
daemon@ATHENA.MIT.EDU (John Grossi)
Wed Nov 12 14:13:46 1997
Date: Wed, 12 Nov 1997 14:11:36 -0500
Reply-To: John Grossi <jgrossi@BBNPLANET.COM>
From: John Grossi <jgrossi@BBNPLANET.COM>
To: Multiple recipients of list APO-L <APO-L@VM.CC.PURDUE.EDU>
Ping Huang wrote:
>
> For those who like going straight to the source, there's a highly
> useful resource on the Web:
>
> Full Contents of TITLE 26 - INTERNAL REVENUE CODE
> http://www.tns.lcs.mit.edu/uscode/TITLE_26/ftoc.html
>
> Terms like 501(c)3 and 401(k) are merely references to the section of
> the internal revenue code which defines the respective tax status of
> qualified tax-exempt organizations and qualified deferred defined
> contribution plan, respectively.
>
> Keep in mind that only tax attorneys and/or people with their heads
> screwed on backwards really understand the tax code, so don't go and
> restructure your chapter's finances based on what you browse on the
> Web without further research.
Actually if truth be told... not even the IRS understands things fully.
The Tax Laws in this country are a very complex document that is open to
interpretation.
Your best bet if you have any questions is to ask your school what to
do, or pay for a professional opinion. The Tax Laws are not a place you
mess around in. Going to your school is the preferable alternative as
it's free.
You also have to remember that your school is a multi-million dollar
(even billion dollar) corporation, they and there lawyers are very good.
Where-as some guy you pick out of the phone book is of questionable
ability and knowledge.
-John Grossi
Section 94 Chairman
ME,NH,VT,PQ
PS: Don't take my opinions at face value as I know nothing about the
tax law. What I'm encouraging you to do is get professional opinions
from those who know (remember free advice is worth what you pay for
it)
