Web70-604 is an IRS Revenue Ruling. Revenue Rulings are an official interpretation of the tax laws as determined by the IRS and have the effect of law, to the extent that a taxpayer who relies on a revenue ruling can't be penalized if the position turns out to be wrong. WebSep 29, 2024 · IRS revenue ruling 70-604 permits homeowners associations to avoid paying taxes on excess membership income. Taxation can be avoided by returning the excess to members or carrying the excess...
Rev Rul 70-604 - The Complete Guide - IRS Revenue …
WebAssociation Resolution for Revenue Ruling 70-604 ElectionExcess Income Refunded to Members Author: Gary Porter Last modified by: Gary Porter Created Date: 8/21/2009 … WebJun 5, 2024 · The 70-604 election is an effective tax planning tool for condo and homeowner associations, if done correctly. It should not be used broadly as a way to fund reserves, … manhattan new york cheap hotels
IRS Ruling 70-604: Can an Association move Surplus Funds to …
WebThe Associate Chief Counsel’s office responded by internal memorandum Field Service Advice (FSA) # 99-99999 to a field agent’s inquiry regarding proper application of Revenue … WebSee Rev. Rul. 70-604, 1970-2 C.B. 9, which describes a condominium management corporation whose sole activity in accordance with its bylaws is the management, operation, maintenance, and replacement of the common elements of the condominium property. WebCondo association financial management and IRS Resolution 70-604 Condo & HOA Assessments Budgets & Finance Condo Reserves What do you think? Question: I am … manhattan new york houses