TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Association may deduct member receipt shortfalls for non-capital member-interest expenses from business income, limited to half; carryforwards apply first.</h1> Where an association's receipts from members (excluding remuneration for specific services and certain excluded institutions) are inadequate to meet its non-capital expenditures incurred solely for protecting or advancing members' common interests, the shortfall may be deducted from its taxable income from business or profession; any excess may be deducted against income under other heads. Prior-year losses or allowances carried forward must be applied first. The deductible deficiency cannot exceed one-half of the association's total income computed before this deduction. The provision applies only to associations whose income is not distributed to members except as grants to affiliated bodies.
TaxTMI 
TaxTMI 
