Form 990 or 990-EZ - Schedule C North Carolina 2023-2024

Form 990 or 990-EZ - Schedule C North Carolina: What You Should Know

D. E. (i) All donations for use in the operation and maintenance of an individual or family home or a residential care facility and the income derived from such donations shall be reported as follows: The tax on such income shall be computed as follows: 1. For the first 50,000, the tax is 10 percent of the excess over 500,000; 2. For each 50,000 in excess of 500,000, the tax is 15 percent of such excess over 1,000,000; and 3. For each 1,000,000 in excess of 1,000,000, the tax is 20 percent of such excess over 5,000,000. (ii) For the purposes of this part, all real property owned, whether developed as a residence or not, shall include this income or the value thereof if such property is acquired for use by the organization. However, such real property is exempt if it is acquired (i) for use or intended use as a source of income under a bona fide pension plan under the Public Building Act; or (ii) for use in the operation and maintenance of an individual or family home as part of a bona fide private foundation (or real estate investment trust) established and maintained solely in accordance with sections 501(c)(3) and 501(c)(4) of the Internal Revenue Code. (iii) All real property donated from a qualified education credit program shall include t the income or the value thereof, if such real property is acquired for use by the organization. However, such real property is exempt if it is acquired (i) for use by the organization as an educational facility to support the educational needs of its members, employees, and beneficiaries; (ii) in the operation of a library or the maintenance and renovation of a community center; or (iii) for use in the operation and maintenance of an individual or family home as a source of income, including rental income or royalties. (iv) Any other property that is exempt from taxation under this part. (v) Interest income and dividends on, and gains from sales or exchanges of, any assets sold for use by the organization shall not be included in determining the amount included in gross income and shall be taxed separately.

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