Question

Social Club has 500000 annual gross receipt what amounts of those grocery seeds can be from...

Social Club has 500000 annual gross receipt what amounts of those grocery seeds can be from use of the club's facilities by the general public without jeopardizing the organizations tax exemption

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Answer #1

Answer:

A private club may receive upto 35 percent of its gross receipts from nonmember sources without jeopardizing the organizations tax exemption. Within this limitation,private club may receive upto 15% of annual gross receipt can be from use of the club's facilities by the general public.

As such gross receipts that can be from use of the club's facilities by the general public without jeopardizing the organizations tax exemption = 500000 * 15% = 75,000

Hence:

Gross receipts that can be from use of the club's facilities by the general public without jeopardizing the organizations tax exemption = 75,000

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