STL: "Where on earth did you come up with the conclusion that MA paid $400,000 in FIT's? "
I did not. I never said anything near to your question. Where did you come up with the hallucination that I said such? Dion you work with kids. I'm confident that one of the 3rd graders will be happy to read the subject statement and explain it to you, however you will have to listen. I'm sorry that I write material that goes so far over your head. Unfortunatel my ladder goes up, and your ladder is obviously built for working below the surface, so ZOOOMMM, it all just goes right over your head.
Hoss, federal income tax burden for the unrelated business is NET dollars, not gross. Based on the financial report the tax liability for MA is roughly $500.00, the minimum FIT for an entity that did not produce a profit.
Better keep those 3rd graders around, Dion. [>:] Your delusions of grandeur may have you looking at someone else's financial report. I posted the Auditor's actual report. Can you simply NOT read?
From Brady Ware Audit, AMA Web Site:
" Income Taxes - The Academy operates as a nonprofit organization and has received exempt status
under Section 501(c)(3) of the Internal Revenue Code. The Academy is, however, subject to unrelated
business income tax on magazine advertising, merchandise sales and rental income from debt financed
property. There was no unrelated business income tax expense for the years ended December 31, 2006
and 2005." <<<<
Son, you're in a bad way. I know the New York Doctors of Psychiatry definitely have their work cut out for them, however you may be allowed to cut in the line as surely they would appreciate the challenge.
I'm sorry Hoss, but that's it. No more communicating with you, I'm done.
Dion, you make such lovely promises and then go right out and break them. How could I ever trust you? [sm=sad_smile.gif]
One good point is that if I ever attend a party of people that read this forum, the first one to yell out "STL" will start the party with much laughter for the best joke of the night.
BTW, stl, my magazine choice from NRA,
The First Freedom, has some advertising that I seldom pay attention to, runs about 60-65 pages and is full of what
NRA is doing to serve me and keep me free to maintain firearms of numerous varieties, wear one on my person, and mostly all political and active happenings that I like to be informed about. I really do not care what it costs NRA because I see NRA doing a very good job to assist me plus some 100,000,000 freeloaders that have firearms but will not join NRA.
In addition NRA does NOT hide behind IRC 501 (c) (3) nor does the business end of your beloved EAA. Apples and oranges there so call in another 3rd grader. They know the differences in color, skin, and taste/texture. They will share that knowledge with you.