https://www.taxtmi.com/acts?id=10872 Tax liability attaches when a non-profit converts to a non-qualifying entity, ceases non-profit status under specified temporal criteria, or fails to transfer assets on dissolution. Net worth, defined as total assets less liabilities, is the taxable base and must be computed on the date of conversion or the last day of the financial year as applicable, with valuation of assets and liabilities determined by prescribed rules. en-us Thu, 20 Aug 2009 12:42:27 +0530 Thu, 20 Aug 2009 12:42:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=10872 Tax liability attaches when a non-profit converts to a non-qualifying entity, ceases non-profit status under specified temporal criteria, or fails to transfer assets on dissolution. Net worth, defined as total assets less liabilities, is the taxable base and must be computed on the date of conversion or the last day of the financial year as applicable, with valuation of assets and liabilities determined by prescribed rules. Act-Rules Bills Thu, 20 Aug 2009 12:42:27 +0530 https://www.taxtmi.com/acts?id=10872