Social Club Loses Exemption For Excessive Investment Income
Tax Court affirms IRS action when majority of income often comes from mineral rights lease
The Consolidated Sportsmen of Lycoming County was incorporated in 1936 to promote conservation of forests, fields and streams of Pennsylvania, to promote fishing and hunting, and to promote the enjoyment of outdoor life by its members and the community in general. It owns and maintains approximately 230 acres of forest and meadow acreage atop Pennsylvania’s Marcellus Shale formation rich in natural gas. In 1981, it filed for and received recognition of exemption from the Internal Revenue Service as a 501(c)(7) social club.
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