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Federal Income Tax Rates 2010

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Federal Income Tax Rates 2010

Federal income tax rates 2010 Publication 521 - Additional Material Prev  Up  Next   Home   More Online Publications
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Diploma Mills

If you're ever tempted by an e-mail or ad claiming you can "earn a degree based on life experience," don't fall for it. Any company that offers degrees for a flat fee and requires little course work is a diploma mill. If your school is not recognized as an accredited institution by the Secretary of Education, you may not be able to receive financial aid and employers won't recognize it. You can check on a school's accreditation by contacting the Department of Education or search the Council for Higher Education Accreditation's database.

Beware: Scholarship and Financial Aid Scams

Scholarships and financial aid do not require upfront fees. While there are legitimate companies who will help guide you through the financial aid and college application process for a fee, disreputable companies may ask you for money up-front and provide nothing in return. Red flags to watch out for include the following:

  • A "money-back guarantee" to secure a scholarship. Don't believe it. Unscrupulous companies attach conditions that make it impossible to get the refund.
  • "Secret scholarships." If a company claims to have inside knowledge of scholarship money, they're lying. Information on scholarships is available freely to the public. Ask you librarian or school counselor.
  • Telling students they've been selected as "finalists" for awards. If they ask for an up-front fee, head for the nearest exit.
  • Asking for a student's checking account to "confirm eligibility." If they want bank account information or your credit card number to confirm or reserve a scholarship, it's a scam.
  • Quoting a relatively small "monthly" or "weekly" fee. Then asking for authorization to debit your checking account for an unspecified length of time. Ongoing fees are a sure sign of a scam.
  • Unsolicited offers. Whether it's an e-mail, phone call, or it arrived in your mailbox, if you didn't request the information, ignore the offer.

The Federal Income Tax Rates 2010

Federal income tax rates 2010 1. Federal income tax rates 2010   Organizations Subject to the Tax Table of Contents The tax on unrelated business income applies to most organizations exempt from tax under section 501(a). Federal income tax rates 2010 These organizations include charitable, religious, scientific, and other organizations described in section 501(c), as well as employees' trusts forming part of pension, profit-sharing, and stock bonus plans described in section 401(a). Federal income tax rates 2010 In addition, the following are subject to the tax on unrelated business income. Federal income tax rates 2010 Individual retirement arrangements (IRAs), including traditional IRAs, Roth IRAs, Coverdell IRAs, simplified employee pensions (SEP-IRAs), and savings incentive match plans for employees (SIMPLE IRAs). Federal income tax rates 2010 State and municipal colleges and universities. Federal income tax rates 2010 Qualified state tuition programs. Federal income tax rates 2010 Medical savings accounts (MSAs) described in section 220(d). Federal income tax rates 2010 Coverdell savings accounts described in section 530. Federal income tax rates 2010 U. Federal income tax rates 2010 S. Federal income tax rates 2010 instrumentalities. Federal income tax rates 2010   A corporation that is a U. Federal income tax rates 2010 S. Federal income tax rates 2010 instrumentality described in section 501(c)(1) is not subject to the tax on unrelated business income if the corporation is organized under an Act of Congress and, under the Act, is exempt from federal income taxes. Federal income tax rates 2010 Colleges and universities. Federal income tax rates 2010   Colleges and universities that are agencies or instrumentalities of any government or any political subdivision of a government, or that are owned or operated by a government or political subdivision of a government, are subject to the tax on unrelated business income. Federal income tax rates 2010 As used here, the word government includes any foreign government (to the extent not contrary to a treaty) and all domestic governments (the United States and any of its possessions, any state, and the District of Columbia). Federal income tax rates 2010   The tax is on the unrelated business income of both the universities and colleges themselves and on their wholly owned tax exempt subsidiary organizations. Federal income tax rates 2010 It is immaterial whether the business is conducted by the university or by a separately incorporated wholly owned subsidiary. Federal income tax rates 2010 If the business activity is unrelated, the income in both instances will be subject to the tax. Federal income tax rates 2010 If the primary purpose of a wholly owned subsidiary is to operate or conduct any unrelated trade or business (other than holding title to property and collecting income from it), the subsidiary is not an exempt organization, and this rule does not apply. Federal income tax rates 2010 Title-holding corporations. Federal income tax rates 2010   When an exempt title-holding corporation, described in section 501(c)(2), pays any of its net income to an organization that itself is exempt from tax under section 501(a) (or would pay such an amount except that the expenses of collecting its income exceed the amount collected) and files a consolidated return with that organization, the title-holding corporation is treated, for unrelated business income tax purposes, as organized and operated for the same purposes as the exempt payee organization. Federal income tax rates 2010   Thus, a title-holding corporation whose source of income is related to the exempt purposes of the payee organization is not subject to the unrelated business income tax if the holding corporation and the payee organization file a consolidated return. Federal income tax rates 2010 However, if the source of the income is not so related, the title-holding corporation is subject to unrelated business income tax. Federal income tax rates 2010 Example. Federal income tax rates 2010 X, a title-holding corporation, is required to distribute its net income to A, an exempt organization. Federal income tax rates 2010 During the tax year, X realizes net income of $900,000 from source M, which is related to A's exempt function. Federal income tax rates 2010 X also receives $100,000 from source N, which is not related to A's exempt function. Federal income tax rates 2010 X and A file a consolidated return for the tax year. Federal income tax rates 2010 X has unrelated business income of $100,000. Federal income tax rates 2010 Prev  Up  Next   Home   More Online Publications