Re: Ren Ci....Ming Yi..... perform charity works....they are no NKF!
- From: baldeagle <botakeagle@xxxxxxxxxxxx>
- Date: Tue, 13 Nov 2007 18:06:23 -0800
On Nov 14, 9:19 am, JamesP <zhanz...@xxxxxxxxx> wrote:
On Nov 14, 7:39 am, baldeagle <botakea...@xxxxxxxxxxxx> wrote:
Which is what's happening here. Since they are bundling ALL theirincoming funds as "donations for charity purposes", they are getting
tax exemptions for all it, even those that end up being used as non-
interest loans.
Are interest free loan taxible ?
Let's look closer at Ren Ci cash receipt.
The have donations from individuals, donations from company,
donations from TV shows, donations from billionaire philanthropists.
These are NOT taxible under IPC exemption.
NOT all donations are used immediately...the balance is
tuned into reserved fund. The reserve are NOT taxible under
company law. Is it taxible under IPC rule.
Ren Ci made interest free loans to a sister organistion started
by Ming Yi. Now ... is the loan taxible?
Under company law, "interests" from loan is taxible...but
under what law is the loan itself is taxible. Please tell us.
Now....you implied that the loan is illegal under IPC rule.
Is there a law to ban interest free loan to a sister organisation ?
ALL their incoming funds as "donations for charity purposes",
A religious organisation is not like NKF. Part of the donations
are used as operating expenses for the temple, to buy temple
supplies, to feed monks and nuns, to be saved as reserved funds
to build or repair temples.. ....
These cannot be classified as "for charity purposes",,,are these
uses of the donation illegal ?
As for the loans made to the sister organisation, it will
be repaid in due course and the repaid money would be used
for charity purposes and also be used for operating expenses
for the temple ..
Is this illegal ?
.
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