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Form 990 or 990-EZ - Schedule C for Maryland: What You Should Know

Part III-A. Report of distributions from nonqualified taxable income. Part III-B. Report on Form 2106-CC, Investment Income, and Form 2106-CC-TA, Distribution of Earnings from S Corporations. Form 990-PF. Part I. Lobbying. Part I and Part II-A must be completed by a charity, a tax-exempt public charity, a tax-exempt limited liability company, a labor union, or a religious order within 5 1/2 years of the tax year beginning on which the schedule is filed (and annually thereafter), or within 6 2/3 years of the last tax year ended before the schedule was filed. If more than one lobbying activity is involved, all the lobbying activities must be itemized. Don't fail to report the lobbying activities on Schedule B for a year in which lobbying activities are reported in Part I or Part II on a separate Schedule B submitted to the IRS. Don't report any lobbying activities on Schedule D of Schedule C. If an organization includes a charity as a subsidiary in which the charity itself is organized, it must file Schedule C and Schedule C-EZ. See Appendix C of Rev. Pro. 98-17. Part III-A. Reporting Capital Gains. Capital gains from the sale of a capital asset (such as a stock or a stock option) of an S corporation are exempt from FICA tax unless the S corporation is also engaged in lobbying activities on behalf of the foreign policy interests of the foreign government. See Publication 519. If the foreign government is the taxpayer's own government, or is a successor-in-interest or a “related person” of the taxpayer, the exemption applies to the gain from the sale of the capital asset. If at the time of the S corporation's investment in the asset the taxpayer wasn't a United States resident but at the time of the sale (or reinvestment) the taxpayer was a United States resident, then the S corporation is liable to pay income tax on the increase in the assets sold. Part III-B. Reporting Distributions From Nonqualified Stocks and Securities. Distributions of earnings from domestic partnerships from nonqualified stocks are exempt from FICA tax unless the partnership is also engaged in lobbying activities on behalf of the foreign policy interests of the foreign government.

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