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BBB23
Level 1
November 25, 2020

C Corporate Federal Income Tax

  • November 25, 2020
  • 2 replies
  • 17 views

I have a filing tax question in regards to a C Corporation that is owned by a non-profit organization.

What forms need to be filed with the 1120 to have the rental income from the corporation exempt from federal income taxes?

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    2 replies

    IRonMaN
    IRonMaN
    Level 15
    November 25, 2020

    Why would the rent be tax exempt?

    Slava Ukraini!
      qbteachmt
      qbteachmt
      Level 15
      November 25, 2020

      "to have the rental income from the corporation exempt from federal income taxes"

      As usual, more details and some Perspective always helps. Example dialog: A Church also owns low income housing, and is running that property as the C Corporation, but the Rental income is donated to the charity which operates the Day Care/Drop In Center in that same multi-unit building. Income "from" the corporation is going to the charity, then. That's Perspective.

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