Quote:
Originally Posted by PersonOfInterest
There's nothing wrong with maximizing profits. That's likely the goal of almost any business, non-profit or for-profit. Its a matter of where that profit goes. In the case of a for-profit organization the profits are distributed to the Owners (shareholders, members etc.) for their personal use. It becomes taxable Income to those Owners. For a non-profit the profits are channeled into the 'charitable' purpose of the organization.
By definition a 'charitable' purpose may also be religious, scientific, public safety, literary or educational.
There really are no 'Tax Loopholes'. There is tax code (Federal Tax Law) that makes certain allowances to reduce taxation. Itemized Deductions would be an example of this.
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so, I believe I read that she only paid $11 and change in property taxes. How does that happen?