Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
| Return Reference | Explanation |
|---|---|
| FORM 990-EZ, PART I, LINE 20 | IN 2017 THE CLUB SOLD TIMBER ON CLUB PROPERTY AT A PRICE OF 67,531. COMMISSION OF SALE WILL BE 14% OR 9,454. FIRST PAYMENT OF 16,882.75 WAS RECEIVED IN 2018. THE CLUB INCURRED COSTS RELATED TO PROJECT WHICH WILL COST AT LEAST 58,000. SECTION 512(A)(3)(A) OF THE CODE PROVIDES THAT IF PROPERTY USED DIRECTLY IN THE PERFORMANCE OF THE EXEMPT FUNCTION DESCRIBED IN 501(C)(7) IS SOLD BY SUCH ORGANIZATION WITHIN A PERIOD BEGINNING 1 YEAR BEFORE THE DATE OF SUCH SALE, AND ENDING WITHIN 3 YEARS AFTER SUCH DATE, OTHER PROPERTY IS PURCHASED AND USED BY SUCH ORGANIZATION DIRECTLY IN THE PERFORMANCE OF ITS EXEMPT FUNCTION, THEN THE GAIN FROM SUCH SALE SHALL BE RECOGNIZED ONLY TO THE EXTENT THAT THE SALES PRICE EXCEEDS THE COST OF PURCHASING THE OTHER PROPERTY. TOTAL PROJECT SALE 67,531 LESS: COMMISSION 9,454 NET PROCEEDS 58,077 EXPENDED IN 2017 -8,184 EXPENDED IN 2018 -9,748 BEGINNING BALANCE IN ASSETS HAS BEEN ADJUSTED FROM END OF PRIOR YEAR TO RECOGNIZE 2017 PAYMENTS MADE IN ACCORDANCE WITH SECTION 512(A)(3)(A). |
| FORM 990-EZ, PART II, LINE 24 | 2017 PAYMENTS TOWARD 2018 SALE 8,184 0 TOTAL 8,184 0 |
| FORM 990-EZ, PART II, LINE 26 | SALE OF TIMBER SUSPENDED GAIN 0 40,145 |
| FORM 990-EZ, PART III | A SOCIAL CLUB FOR MEMBERS ONLY FOR THE PURPOSE OF HUNTING, FISHING AND SOCIAL GATHERINGS. THE CLUB ALSO IMPROVES THE ADJACENT LAND AND PLANTS VARIOUS TYPES OF FEED GROWTH TO NURTURE AND IMPROVE WILDLIFE POPULATION IN THE SURROUNDING AREA. |
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