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A homeowners’ association that is not exempt under section 501(c)(4) and that is a condominium management association, a residential real estate management association, or a timeshare association generally may elect under the provisions of Code section 528 to receive certain tax benefits that, in effect, permit it to exclude its exempt function income from its gross income.
What type of organization are you?Social welfare organizations ... Local associations of employees, ... Homeowners associations ... volunteer fire companies OR ... Organizations that engage in substantial lobbying activities
Let me know and can go further here... the answer really depends on what type of organization you are ... (and if the answer is that you are now a for-profit, there is no exemption for not filing the 1120) ... DO please let me know ...
Is there any minimum revenue exemption which would allow an association exemption from filing ?