I read an article awhile back in Time magazine about churches. The biggest one was the Mormon church. They have farm land, theme parks, etc. They were saying that it is like a large business.
Theme parks? Are they charging admission for the theme parks, because that takes it out of the "religion safe zone" of taxes and directly makes it a FOR PROFIT business.
they are charging.
here is some information. Look I will be honest I am not Mormon bashing. I simply stated the Mormon example because Time magazine used them as a big example http://en.wikipedia.org/wiki/Polynesian_Cultural_Center
here is a link I was incorrect in stating I read it in Time Magazine. It was in bloomberg business week article can be found here. http://www.businessweek.com/articles/2012-07-10/how-the-mormons-make-money
The Polynesian cultural center tickets are prices as General-admission adult tickets cost $49.95; VIP tickets cost up to $228.95. In 2010 the PCC had net assets worth $70 million and collected $23 million in ticket sales alone, as well as $36 million in tax-free donations.
Holy tax evasion Batman!
again I am not singling out Mormons. This is just stuck in my mind due to the article. This is also why I personally believe that if you are a church and have several locations, I see this more as a business. There are exceptions in my mind such as outreach centers, food banks, etc.
SIckens me. This just ensures that more people will spend more time and effort determining ways around the taxes. It is a shame though because it really changes the historical lineage of land investments in the US. Rather than passing property down from generation to generation people will simply diversify, roll land into trusts, IRA's etc. Changes the face of our national heritage for the worse if you ask me.
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