Thousand Oaks California online Form 990 (Schedule H) 2024-2025

Thousand Oaks California online Form 990 (Schedule H): What You Should Know

A) For purposes of this schedule, the term, “eligible charitable organization” means an organization which engages in anyone or more of the following activities for a reasonable period of time during the calendar quarter in which this Schedule is filed, and which is not disqualified from filing a tax return as a public charity under section 2511 because it engages in those activities for less than 90 days in any calendar tax year. The organization will not be considered to be a public charity for any period in excess of 90 days, and to be a private foundation for any period in excess of 15 years. (b) Each eligible charitable organization must include the following information in a Form 990 filed in compliance with this schedule: (i) the total gross receipts from all sources in the prior calendar tax year and any other tax years (b.1) Any organization which has not paid at least half of its gross receipts in Federal income taxes during the prior calendar taxable year and any other tax years is required to pay any interest in an amount equal to the least of 200 per violation of this schedule or 1 percent of gross receipts from all sources in the prior calendar taxable year and any other tax years. .921 (ii) the total gross income to the organization in the prior calendar year, and any other tax years (b.2) If less than 50,000 is received by the organization in the prior calendar year or under circumstances which render the income subject to tax under section 4959, or if less than 50,000 is otherwise exempt from levy under section 4959, the amount of the exemption, or the difference between the amount received and the amount subject to tax, is reported on Schedule C, Amounts Not Subject to Section 4955, and is subject to the penalties under paragraph (c) of this section, or is reported on Schedule D, Certain Qualified Contributions, and is subject to the penalties under paragraph (d) of this section. For purposes of this schedule, gross income is to be determined on the basis of the fair market value of all property received, to the extent not subject to section 4955 taxes. The fair market value of property is the fair market value of such property (including its allocable parts) on both the date of payment and the date of purchase. The fair market value of an allocation of assets between two or more entities was determined by the fair market value in each of those respective periods.

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