The founder of a nonprofit corporation may not claim losses on his personal tax return from the corporation he sought to classify as an S corporation. The Tax Court has ruled he is not a stockholder or owner of the nonprofit and is not entitled to a deduction.
The U.S. Court of Appeals for the District of Columbia has affirmed a District Court order invalidating a Federal Election Commission Rule on disclosure of donors for independent political expenditures. The Court has determined that the statute requires broader disclosure than the FEC had previously required. If this decision stands, it could require public disclosure of all donors of more than $200 to an organization that makes independent expenditures of more than $250 in a calendar year.
A provision in the Declaration of Covenants of a homeowners’ association requiring approval of 85% of the owners to make any changes has been upheld in Mississippi. An appellate court has affirmed a trial court decision holding that the provision is unambiguous and reasonable.
