Social Club Organizations 501(c)(7) Tax-Exemption is brought to you by Lorman
Understand the legal, accounting, and operational requirements of qualified social clubs recognized by the IRS.
This presentation will provide you with the differences between tax-exempt clubs and taxable clubs, as well as events that may cause loss of exempt status. The course will include a detailed discussion related to non-member income, which results in unrelated business taxable income and could result in disqualification for exemption, featuring an analysis of Revenue Procedure 71-17. For over 45 years, Revenue Procedure 71-17 has provided meaningful guidance on determining the effects of non-member income derived from the general public on 501(c)(7) exemption. Over that time, it remains relevant even though the tax law has changed, and additional guidance has augmented its guidance.
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