Posted on 04/16/2012 7:12:15 AM PDT by Colofornian
The LDS Church pays taxes on all of its commercial enterprises.
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Um..not really. Are you aware that the City Creek Mall development group is non-profit? As are most of their farming operations in Florida?
were “called” to be income-free, tax-free, pay-their-own way to the employer...
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You gotta admire the stage management...
Thanks. That is interesting.
No, the City Creek Mall development group is not non-profit. Property Reserves Inc (a for profit group) worked on the development.
Sorry, wrong.
http://www.kutv.com/news/features/local/stories/vid_797.shtml
Excerpt: The arm of the LDS Church which served as “master developer” of Utah’s newest and most elaborate shopping, residential and office complex has federal “tax exempt” status.
In response to questions from 2News, City Creek Reserve Inc, or CCRI, revealed it’s a “non-profit corporation.”
As such, CCRI Spokesman Dale Bills noted the company “pays property and sales taxes.” But it appears CCRI may not pay federal income taxes.
If City Creek Reserve makes money, it will go the LDS Church.
“Much like a university endowment fund supports a university, any after tax return on investment supports the religious, charitable and educational mission of the Church,” Bills said.
I am doing research. I did learn something new, and I stand corrected on the fact that CCRI might not pay taxes. However, they may still pay taxes, it is all very convoluted thanks to the IRS tax code. I promise to post my findings.
Bottom line is that CCRI is for profit. They will pay property taxes on the land that City Creek is located. City Creek is an investment by the LDS church, so that is up to the city and tax accountants to decide if/how much they will pay in taxes. Like any other business who invests money.
In general I detest the tax codes. Flatten them out, and eventually get rid of them.
Then why is the guy in charge admiting they are non-profit?
FWIW, all non-profits (like ministries) still pay property and sales taxes. That doesn’t mean they are for profit. Non-profits are exempt from certain (not all) State taxes and federal taxes.
Hmmm. Dale Bills, who is the spokesperson does say CCRI is a non-profit. All of the other research I have done says CCRI is a for-profit corp. Perhaps I shall go to the source. I do know people who work for CCRI. Thanks for the update.
yes, really. Taxes are paid on those “non-profit” properties.
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