Exempt Organization Business Income Tax Return

Transcription

1 Form Department of the Treasury Internal Revenue Service OMB No For calendar year 2016 or other tax year eginning, and ending. Information aout Form 0-T and its instructions is availale at Open to Pulic Inspection for Do not enter SSN numers on this form as it may e made pulic if your organization is a 501(c). 501(c) Organizations Only Name of organization ( Check ox if name changed and see instructions.) D Employer identification numer (Employees trust, see instructions.) A Check ox if address changed B Exempt under section Print ADIRONDACK MOUNTAIN CLUB, INC. X 501( c )( 3 ) or Numer, street, and room or suite no. If a P.O. ox, see instructions. Type 408(e) 220(e) 814 GOGGINS ROAD E Unrelated usiness activity codes (See instructions.) Book value of all assets C at end of year F Group exemption numer (See instructions.) 4,107,75. G Check organization type X 501(c) corporation 501(c) trust 401(a) trust Other trust H Descrie the organization s primary unrelated usiness activity. MAGAZINE PUBLICATION AND SALE I During the tax year, was the corporation a susidiary in an affiliated group or a parent-susidiary controlled group? ~~~~~~ Yes X No If "Yes," enter the name and identifying numer of the parent corporation. J The ooks are in care of BRUCE KATZ Telephone numer (518) Part I Unrelated Trade or Business Income (A) Income (B) Expenses (C) Net 1 a Gross receipts or sales c Less returns and allowances c Balance ~~~ 12 Other income (See instructions; attach schedule) ~~~~~~~~~~~~ Total. Comine lines 3 through , ,825. Part II Deductions Not Taken Elsewhere (See instructions for limitations on deductions.) (Except for contriutions, deductions must e directly connected with the unrelated usiness income.) T 408A 530(a) City or town, state or province, country, and ZIP or foreign postal code 52(a) LAKE GEORGE, NY Cost of goods sold (Schedule A, line 7) ~~~~~~~~~~~~~~~~~ Gross profit. Sutract line 2 from line 1c ~~~~~~~~~~~~~~~~ 4 a Capital gain net income (attach Schedule D) ~~~~~~~~~~~~~~~ Net gain (loss) (Form 477, Part II, line 17) (attach Form 477) ~~~~~~ Capital loss deduction for trusts ~~~~~~~~~~~~~~~~~~~~ Income (loss) from partnerships and S corporations (attach statement) ~~~ Rent income (Schedule C) ~~~~~~~~~~~~~~~~~~~~~~ Unrelated det-financed income (Schedule E) ~~~~~~~~~~~~~~ Interest, annuities, royalties, and rents from controlled organizations (Sch. F)~ Investment income of a section 501(c)(7), (), or (17) organization (Schedule G) Exploited exempt activity income (Schedule I) ~~~~~~~~~~~~~~ Advertising income (Schedule J) ~~~~~~~~~~~~~~~~~~~~ Compensation of officers, directors, and trustees (Schedule K) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Salaries and wages ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Repairs and maintenance Bad dets ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Interest ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Taxes and licenses ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Charitale contriutions (See instructions for limitation rules) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Depreciation (attach Form 4562) Less depreciation claimed on Schedule A and elsewhere on return Depletion Contriutions to deferred compensation plans ~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Total deductions. Add lines 14 through 28 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Unrelated usiness taxale income. Sutract line 33 from line 32. If line 33 is greater than line 32, enter the smaller of zero or line 32 For Paperwork Reduction Act Notice, see instructions. 1c 2 3 4a 4 4c ~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Employee enefit programs ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Excess exempt expenses (Schedule I) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Excess readership costs (Schedule J) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Other deductions ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Unrelated usiness taxale income efore net operating loss deduction. Sutract line 2 from line 13 ~~~~~~~~~~~~ Net operating loss deduction (limited to the amount on line 30) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ SEE STATEMENT 1 Unrelated usiness taxale income efore specific deduction. Sutract line 31 from line 30 ~~~~~~~~~~~~~~~~~ Specific deduction (Generally $1,000, ut see line 33 instructions for exceptions) ~~~~~~~~~~~~~~~~~~~~~ LHA Exempt Organization Business Income Tax Return (and proxy tax under section 6033(e)) 21 22a , , , ,575. 1,00 Form 0-T (2016)

2 Form 0-T (2016) ADIRONDACK MOUNTAIN CLUB, INC. Part III Tax Computation 35 Organizations Taxale as Corporations. See instructions for tax computation a c Controlled group memers (sections 1561 and 1563) check here See instructions and: $ $ $ Enter organization s share of: Additional 5 tax (not more than $11,750) $ Additional 3 tax (not more than $100,000) ~~~~~~~~~~~~~ $ Trusts Taxale at Trust Rates. See instructions for tax computation. Income tax on the amount on line 34 from: Proxy tax. See instructions ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Tax on Non-Compliant Facility Income. See instructions ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 40 Total. Add lines 37, 38 and 3 to line 35c or 36, whichever applies Part IV Tax and Payments 41a Foreign tax credit (corporations attach Form 1118; trusts attach Form 1116) ~~~~~~~~ 41a c d e Total credits. Add lines 41a through 41d ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Other taxes. Check if from: Form 4255 Form 8611 Form 867 Form 8866 Other Total tax. Add lines 42 and 43 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 45 a Payments: A 2015 overpayment credited to 2016 ~~~~~~~~~~~~~~~~~~~ estimated tax payments ~~~~~~~~~~~~~~~~~~~~~~~~~~~~ c Tax deposited with Form 8868 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~ d Foreign organizations: Tax paid or withheld at source (see instructions) ~~~~~~~~~~ f g Other credits and payments: Total payments. Add lines 45a through 45g ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 46 Tax due. If line 46 is less than the total of lines 44 and 47, enter amount owed ~~~~~~~~~~~~~~~~~~~ Overpayment. If line 46 is larger than the total of lines 44 and 47, enter amount overpaid ~~~~~~~~~~~~~~ 50 Enter the amount of line 4 you want: Credited to 2017 estimated tax Refunded Part V Statements Regarding Certain Activities and Other Information (see instructions) 51 At any time during the 2016 calendar year, did the organization have an interest in or a signature or other authority Yes No Sign Here Enter your share of the $50,000, $25,000, and $,25,000 taxale income rackets (in that order): Income tax on the amount on line 34 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Tax rate schedule or Schedule D (Form 1041) ~~~~~~~~~~~~~~~~~~~~~~~~~~~ Alternative minimum tax Other credits (see instructions) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~ General usiness credit. Attach Form 3800 ~~~~~~~~~~~~~~~~~~~~~~ Credit for prior year minimum tax (attach Form 8801 or 8827) ~~~~~~~~~~~~~~ Sutract line 41e from line 40 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ e Backup withholding (see instructions) ~~~~~~~~~~~~~~~~~~~~~~~~ Credit for small employer health insurance premiums (Attach Form 841) Form 243 ~~~~~~~~ Form 4136 Other Total Estimated tax penalty (see instructions). Check if Form 2220 is attached ~~~~~~~~~~~~~~~~~~~ over a financial account (ank, securities, or other) in a foreign country? If YES, the organization may have to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts. If YES, enter the name of the foreign country here Paid Preparer Use Only During the tax year, did the organization receive a distriution from, or was it the grantor of, or transferor to, a foreign trust? ~~~~~~~~~ If YES, see instructions for other forms the organization may have to file. Enter the amount of tax-exempt interest received or accrued during the tax year $ Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the est of my knowledge and elief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is ased on all information of which preparer has any knowledge. = = EXECUTIVE DIRECTOR Signature of officer Date Title PrintType preparer s name Preparer s signature Date Check KEVIN P. O LEARY, CPA Firm s name Firm s address MARVIN AND COMPANY, P.C. 11 BRITISH AMERICAN BLVD. LATHAM, NY c 41d 45a 45 45c 45d 45e 45f 45g self- employed Firm s EIN Phone no. 35c e May the IRS discuss this return with the preparer shown elow (see instructions)? if PTIN X Yes Page 2 X X No Form 0-T (2016)

3 Form 0-T (2016) ADIRONDACK MOUNTAIN CLUB, INC. Page 3 Schedule A - Cost of Goods Sold. Enter method of inventory valuation NA 1 Inventory at eginning of year ~~~ 1 6 Inventory at end of year ~~~~~~~~~~~~ 6 2 Purchases ~~~~~~~~~~~ 2 7 Cost of goods sold. Sutract line 6 3 Cost of laor~~~~~~~~~~~ 3 from line 5. Enter here and in Part I, 4 a Additional section 263A costs line 2 ~~~~~~~~~~~~~~~~~~~~ 7 ~~~~~~~~ 4a 8 Do the rules of section 263A (with respect to Other costs ~~~ 4 property produced or acquired for resale) apply to 5 Total. Add lines 1 through 4 5 the organization? Schedule C - Rent Income (From Real Property and Personal Property Leased With Real Property) (see instructions) 1. Description of property Yes No (a) 2. From personal property (if the percentage of rent for personal property is more than 10 ut not more than 50) Rent received or accrued () From real and personal property (if the percentage of rent for personal property exceeds 50 or if the rent is ased on profit or income) 3(a) Deductions directly connected with the income in columns 2(a) and 2() Total Total (c) Total income. Add totals of columns 2(a) and 2(). Enter () Total deductions. here and on page 1, Part I, line 6, column (A) Part I, line 6, column (B) Schedule E - Unrelated Det-Financed Income (see instructions) 3. Deductions directly connected with or allocale 2. Gross income from to det-financed property 1. Description of det-financed property or allocale to detfinanced property (a) Straight line depreciation () Other deductions 4. Amount of average acquisition 5. Average adjusted asis 6. Column 4 divided 7. Gross income 8. Allocale deductions det on or allocale to det-financed of or allocale to y column 5 reportale (column (column 6 x total of columns property det-financed property 2 x column 6) 3(a) and 3()) Part I, line 7, column (A). Part I, line 7, column (B). Totals ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Total dividends-received deductions included in column 8 Form 0-T (2016)

4 Form 0-T (2016) ADIRONDACK MOUNTAIN CLUB, INC. Schedule F - Interest, Annuities, Royalties, and Rents From Controlled Organizations (see instructions) Exempt Controlled Organizations 1. Name of controlled organization 2. Employer 3. Net unrelated income 4. Total of specified 5. Part of column 4 that is 6. Deductions directly identification (loss) (see instructions) payments made included in the controlling connected with income numer organization s gross income in column 5 Page 4 Nonexempt Controlled Organizations 7. Taxale Income 8. Net unrelated income (loss). Total of specified payments 1 Part of column that is included 11. Deductions directly connected (see instructions) made in the controlling organization s with income in column 10 gross income Totals J Schedule G - Investment Income of a Section 501(c)(7), (), or (17) Organization (see instructions) 1. Description of exploited activity 1. Description of income 2. Amount of income 2. Gross unrelated usiness income from trade or usiness Enter here and on page 1, Part I, line 10, col. (A). 3. Expenses directly connected with production of unrelated usiness income Enter here and on page 1, Part I, line 10, col. (B). Part I, line, column (A). 4. Net income (loss) from unrelated trade or usiness (column 2 minus column 3). If a gain, compute cols. 5 through 7. Add columns 5 and 1 Part I, line 8, column (A). Add columns 6 and 11. Part I, line 8, column (B). 3. Deductions Total deductions directly connected 4. Set-asides 5. and set-asides (col. 3 plus col. 4) 5. Gross income 6. Expenses from activity that attriutale to is not unrelated column 5 usiness income Part I, line, column (B). Totals Schedule I - Exploited Exempt Activity Income, Other Than Advertising Income (see instructions) 7. Excess exempt expenses (column 6 minus column 5, ut not more than column 4). Enter here and on page 1, Part II, line 26. Totals Schedule J - Advertising Income (see instructions) Part I Income From Periodicals Reported on a Consolidated Basis Name of periodical Totals (carry to Part II, line (5)) 2. Gross 3. Direct advertising advertising costs income 4. Advertising gain or (loss) (col. 2 minus col. 3). If a gain, compute cols. 5 through Circulation 6. Readership income costs ADIRONDAC MAGAZINE 15, Excess readership costs (column 6 minus column 5, ut not more than column 4). 15, ,825. Form 0-T (2016)

5 Form 0-T (2016) ADIRONDACK MOUNTAIN CLUB, INC. Part II Income From Periodicals Reported on a Separate Basis (For each periodical listed in Part II, fill in columns 2 through 7 on a line-y-line asis.) 1. Name of periodical 2. Gross 3. Direct advertising advertising costs income 4. Advertising gain or (loss) (col. 2 minus col. 3). If a gain, compute cols. 5 through Circulation 6. Readership income costs Page 7. Excess readership costs (column 6 minus column 5, ut not more than column 4). 5 Totals from Part I Enter here and on page 1, Part I, line 11, col. (A). Enter here and on page 1, Part I, line 11, col. (B). Enter here and on page 1, Part II, line 27. Totals, Part II (lines 1-5) 15,825. Schedule K - Compensation of Officers, Directors, and Trustees (see instructions) 3. Percent of 4. Compensation attriutale Title time devoted to 1. Name 2. to unrelated usiness usiness 15,825. Total. Part II, line 14 Form 0-T (2016)

6 ADIRONDACK MOUNTAIN CLUB, INC. }}}}}}}}}}}}}}}}}}}}}}}}}}}}}} }}}}}}}}}} ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ FORM 0-T NET OPERATING LOSS DEDUCTION STATEMENT 1 }}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}} LOSS } PREVIOUSLY LOSS AVAILABLE TAX YEAR LOSS SUSTAINED APPLIED REMAINING THIS YEAR }}}}}}}} }}}}}}}}}}}}}} }}}}}}}}}}}}}} }}}}}}}}}}}}}} }}}}}}}}}}}}}} , ,137. 3,338. 3, , ,144. }}}}}}}}}}}}}} 126,144. }}}}}}}}}}}}}} NOL CARRYOVER AVAILABLE THIS YEAR 21, ,482. ~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~ STATEMENT(S) 1

7 Form 4562 Depreciation and Amortization (Including Information on Listed Property) OMB No Attach to your tax return. Department of the Treasury Attachment Internal Revenue Service () Information aout Form 4562 and its separate instructions is at Sequence No. 17 Name(s) shown on return Business or activity to which this form relates Identifying numer ADIRONDACK MOUNTAIN CLUB, INC. FORM 0 PAGE 10 Part I Election To Expense Certain Property Under Section 17 Note: If you have any listed property, complete Part V efore you complete Part I. 1 Maximum amount (see instructions) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 1 2 Total cost of section 17 property placed in service (see instructions) ~~~~~~~~~~~~~~~~~~~~~ 2 3 Threshold cost of section 17 property efore reduction in limitation~~~~~~~~~~~~~~~~~~~~~~ 3 4 Reduction in limitation. Sutract line 3 from line 2. If zero or less, enter -0- ~~~~~~~~~~~~~~~~~~~ 4 5 Dollar limitation for tax year. Sutract line 4 from line 1. If zero or less, enter -0-. If married filing separately, see instructions 5 6 (a) Description of property () Cost (usiness use only) (c) Elected cost 500,00 2,010, Tentative deduction. Enter the smaller of line 5 or line 8 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 13 Carryover of disallowed deduction to Add lines and 10, less line Note: Don t use Part II or Part III elow for listed property. Instead, use Part V. Part II Special Depreciation Allowance and Other Depreciation (Don t include listed property. ) Listed property. Enter the amount from line 2 ~~~~~~~~~~~~~~~~~~~ Total elected cost of section 17 property. Add amounts in column (c), lines 6 and 7 ~~~~~~~~~~~~~~ Carryover of disallowed deduction from line 13 of your 2015 Form 4562 ~~~~~~~~~~~~~~~~~~~~ Business income limitation. Enter the smaller of usiness income (not less than zero) or line 5 Section 17 expense deduction. Add lines and 10, ut don t enter more than line Other depreciation (including ACRS) Part III MACRS Depreciation (Don t include listed property. ) (See instructions.) Section A 17 MACRS deductions for assets placed in service in tax years eginning efore 2016 ~~~~~~~~~~~~~~ If you are electing to group any assets placed in service during the tax year into one or more general asset accounts, check here J Section B - Assets Placed in Service During 2016 Tax Year Using the General Depreciation System () Month and (c) Basis for depreciation (a) Classification of property year placed (usinessinvestment use (d) Recovery (e) Convention (f) Method (g) Depreciation deduction in service only - see instructions) period 7 ~~~~~~~~~ Special depreciation allowance for qualified property (other than listed property) placed in service during the tax year ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Property suject to section 168(f) election ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ,5 1a c d e f g h i 20a Residential rental property 27.5 yrs. MM SL 27.5 yrs. MM SL Nonresidential real property 3 yrs. MM SL MM SL Section C - Assets Placed in Service During 2016 Tax Year Using the Alternative Depreciation System c 40-year Part IV Summary (See instructions.) 21 Listed property. Enter amount from line 28 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ year property 5-year property 7-year property 10-year property 15-year property 20-year property 25-year property 25 yrs. SL Class life 12-year Total. Add amounts from line 12, lines 14 through 17, lines 1 and 20 in column (g), and line 21. For Paperwork Reduction Act Notice, see separate instructions. 12 yrs. 40 yrs. MM Enter here and on the appropriate lines of your return. Partnerships and S corporations - see instr. For assets shown aove and placed in service during the current year, enter the portion of the asis attriutale to section 263A costs LHA 23 SL SL SL ,5 Form 4562 (2016)

8 Form 4562 (2016) ADIRONDACK MOUNTAIN CLUB, INC. Page 2 Part V Listed Property (Include automoiles, certain other vehicles, certain aircraft, certain computers, and property used for entertainment, recreation, or amusement.) Note: For any vehicle for which you are using the standard mileage rate or deducting lease expense, complete only 24a, 24, columns (a) through (c) of Section A, all of Section B, and Section C if applicale. Section A - Depreciation and Other Information (Caution: See the instructions for limits for passenger automoiles.) 24a Do you have evidence to support the usinessinvestment use claimed? Yes No 24 If "Yes," is the evidence written? Yes No (a) Type of property (list vehicles first) () (c) (d) (e) (f) (g) (h) (i) Business Basis for depreciation investment Cost or Recovery Method Depreciation (usinessinvestment use percentage other asis use only) period Convention deduction Date placed in service Special depreciation allowance for qualified listed property placed in service during the tax year and used more than 50 in a qualified usiness use Property used more than 50 in a qualified usiness use:!! Property used 50 or less in a qualified usiness use:!! Add amounts in column (h), lines 25 through 27. Enter here and on line 21, page 1 ~~~~~~~~~~~~ 2 Add amounts in column (i), line 26. Enter here and on line 7, page 1 2 Section B - Information on Use of Vehicles Complete this section for vehicles used y a sole proprietor, partner, or other "more than 5 owner," or related person. If you provided vehicles to your employees, first answer the questions in Section C to see if you meet an exception to completing this section for those vehicles. SL - SL - SL Elected section 17 cost 30 Total usinessinvestment miles driven during the year ( don t include commuting miles) ~~~~~~~ (a) () (c) (d) (e) (f) Vehicle Vehicle Vehicle Vehicle Vehicle Vehicle Yes No Yes No Yes No Yes No Yes No Yes No Section C - Questions for Employers Who Provide Vehicles for Use y Their Employees Answer these questions to determine if you meet an exception to completing Section B for vehicles used y employees who aren t more than 5 owners or related persons Note: If your answer to 37, 38, 3, 40, or 41 is "Yes," don t complete Section B for the covered vehicles. Part VI Amortization (a) () (c) (d) (e) (f) Description of costs Date amortization Amortizale Code Amortization Amortization egins amount section period or percentage for this year Total commuting miles driven during the year ~ Total other personal (noncommuting) miles driven~~~~~~~~~~~~~~~~~~~~~ Total miles driven during the year. Add lines 30 through 32~~~~~~~~~~~~ Was the vehicle availale for personal use during off-duty hours? ~~~~~~~~~~~~ Was the vehicle used primarily y a more than 5 owner or related person? ~~~~~~ Is another vehicle availale for personal use? Do you maintain a written policy statement that prohiits all personal use of vehicles, including commuting, y your employees?~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Do you maintain a written policy statement that prohiits personal use of vehicles, except commuting, y your employees? See the instructions for vehicles used y corporate officers, directors, or 1 or more owners ~~~~~~~~~~~~ Do you treat all use of vehicles y employees as personal use? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Do you provide more than five vehicles to your employees, otain information from your employees aout the use of the vehicles, and retain the information received? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Do you meet the requirements concerning qualified automoile demonstration use? ~~~~~~~~~~~~~~~~~~~~~~~ Amortization of costs that egins during your 2016 tax year:!! Amortization of costs that egan efore your 2016 tax year ~~~~~~~~~~~~~~~~~~~~~~~~~~ 44 Total. Add amounts in column (f). See the instructions for where to report Yes No Form 4562 (2016)