Taxation – Subdivision Association – Parking Lot & Beach Club – Net Income – Private InterestsOcean Pines Ass’n Inc. v. Comm’r of Internal Revenue A tax-exempt subdivision association must pay taxes on net income from two parking lots and a beach club that benefit the private interests of association members rather than the general public; the 4th Circuit affirms the Tax Court judgment, as the income is not “substantially related” to the association purpose of promoting social welfare, but is taxable as “unrelated business taxable income.”
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Published: March 14, 2012
Time posted: 4:20 pm
Tags: Net Income, Parking Lot & Beach Club, Private Interests, Subdivision Association, Taxation