I am interested in the legislation applicable for the USA ...
2006-09-02 08:07:35 · 8 answers · asked by craitza 2 in Politics & Government ➔ Law & Ethics
I do not know about american taxes and tax laws,but in its simplest form,if you live and work in MONACO,you do not pay income tax.Most FORMULA 1 racing car drivers live there and some also have businesses there also,in short...you keep what you make in monaco,there is no income tax,hence TAX EXEMPT.
2006-09-02 08:25:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Tax exempt means that an organization or corporation does not pay taxes on the money taken in or spent by the group. This is usually limited to non-profit groups.
Actually, the entire 501(c) section of the IRS code deals with different types of tax exempt organizations. 501(c)3 is the section for religious or educational organizations.
The standards and requirements for filing tax exempt status at the federal level are available on the IRS website. The standards at each state level may be different, and are independent.
2006-09-02 15:49:03 · answer #2 · answered by coragryph 7 · 0⤊ 0⤋
Tax exempt simply means that the transaction is not subject to taxes. For the most part, that is limited to qualifying charitable and religious orgainizations in the US. This is governed by the Internal Revenue Code, Section 501(c)3.
2006-09-02 08:15:11 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Foreign diplomats are tax exempt by treaty from all direct (income and sales) taxes. Foreign governments are tax exempt, as are certain international organizations. The federal government is exempt from all state and local taxation.
Charities including churches are exempt from most but not all tax.
Sales tax exemption except for the categories in paragraph 1 depends on state law. Most charities are exempt in most states from income and sales tax.
Purchasers for resale are exempt from sales tax because they will charge such tax to the final purchaser.
2006-09-02 08:17:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋
section 501 of the US tax codes define the tax exempt.
churches by statue are tax exempt, other non profit groups have to be registered and ok'ed by the IRS to be tax exempt
2006-09-02 08:16:34 · answer #5 · answered by Anonymous · 0⤊ 0⤋
lots of things are taxc emempt you just have to check with the tax office to find out what and where ther are no certain things or people who are extremp for these
2006-09-02 08:11:19 · answer #6 · answered by Elaine F 5 · 0⤊ 1⤋
tax exempt mostly goes to people who have a business because i don't really know ,but they do.
2006-09-02 08:11:19 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Let me continue to try.
2006-09-02 08:18:59 · answer #8 · answered by tmcs1959 3 · 0⤊ 0⤋