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Form 4797 for Eugene Oregon: What You Should Know

Form 4797, Part II, line 17. A. B The sale or exchange is exempt under Section 501(c)(3) of the Internal Revenue Code ‛. J. C The gain or loss on the sale or exchange is excluded under Section 1361 of the Internal Revenue Code, ‛. K. D This section is intended to apply exclusively to nonresident aliens who obtain the sale or exchange of a business property (such as buildings) from an exempt organization to the alien's own use in his or her personal active trade or business. L. E All capitalized interest, profits, etc., of the sale or exchange of business property, and any interest accruing on capitalized interest (as determined by section 1016) are excluded from income. P. F The gross income of the alien is the business profits of the corporation which is the selling party, not the gross income by the holding business organization which is the buyer. Preamble This proposed ordinance provides that a taxpayer's gain on the sale or exchange of real or personal property is excluded from gross income if the sale or exchange is exempt, or the taxpayer is an exempt organization. The proposed ordinance also provides that the gross income of the alien is the business profits of the corporation which is the selling party, not the gross income by the selling party's own holding business organization which is the buyer. The proposed ordinance also provides that all capitalized interest or profit accruing on the gain is excluded from gross income. In order to be considered exempt, a sale or exchange must have been made with specific intent and by a “direct, voluntary contract.” The exemption applies to the sale or exchange whether it is subject to income taxation as an income-producing activity ‛. The proposed ordinance will exempt from the gross income tax all sales of real property by an exempt organization. The exempt organization may be a nonprofit organization that has been granted special tax exemption within the meaning of Section 501(c)(3) of the Internal Revenue Code, if its primary purpose is the promotion of social welfare, public health, or safety, or the advancement of education or research. (Pertinent Qualifications for Tax Exemption) The sale or exchange is exempt if there was no intent to dispose of the property, to exchange it within a reasonable time for another property, or for cash, other property, or money.

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