What are the gains and losses that should be reported?
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Last modified 9/23/2020 12:35:17 PM EST |
Added by ExpressTaxExempt Team
The gains attained, and the losses incurred through the sales or any other way of disposition of property used for a charitable purpose, production of income, or any other type of investment should be reported. The gains and losses that occurred from any taxable income that is unrelated to the foundation's business should not be reported. The gains and losses should also not be reported if a property is used for one year or more to extend the organization's tax-exempt purpose and immediately exchanged for a similar property once that purpose is served.