And no exceptions whatsoever. Not for 501(c) "non-profits", not for "charitable foundations", not for private universities, not even for churches.
For the case of churches and non-profits, as long as they spend their donations that same year on their proper activities, then there will be no profit to tax. There would just be tax on increase in endowment funds.
23 posted on 01/12/2015 6:35:10 AM PST by PapaBear3625
(You don't notice it's a police state until the police come for you.)