Tax Exemption For Religious Organizations
Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items. Examples include exemption of charitable organizations from property taxes and income taxes, veterans, and certain cross-border or multi-jurisdictional scenarios. A tax exemption is distinct and different from a tax exclusion and a tax deduction, all of which are different types of tax expenditures. A tax exemption is an income stream on which no tax is levied, such as interest income from state and local bonds, which is often exempt from federal income tax. Additionally, certain qualifying non-profit organizations are exempt from federal income tax. A tax exclusion refers to a dollar amount (or proportion of taxable income) that can be legally excluded from the taxable base income prior to as ...
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Legal Person
In law, a legal person is any person or legal entity that can do the things a human person is usually able to do in law – such as enter into contracts, lawsuit, sue and be sued, ownership, own property, and so on. The reason for the term "''legal'' person" is that some legal persons are not human persons: Company, companies and corporations (i.e., business entities) are ''persons'', legally speaking (they can legally do most of the things an ordinary person can do), but they are not, in a literal sense, human beings. Legal personhood is a prerequisite to capacity (law), legal capacity (the ability of any legal person to amend – i.e. enter into, transfer, etc. – rights and Law of obligations, obligations): it is a prerequisite for an international organization being able to sign treaty, international treaties in its own legal name, name. History The concept of legal personhood for organizations of people is at least as old as Ancient Rome: a variety of Coll ...
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