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What would be the possible tax due on a 250K grant

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What would be the possible tax due on a 250K grant ?
Submitted: 8 years ago.Category: Tax
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Answered in 2 minutes by:
6/13/2010
Tax Professional: Merlo, Accountant replied 8 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello JA Customer,

 

Who was the grant issued to and for what purpose? Is this a grant issued to a student or a business grant?

 

 

 

 

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Customer reply replied 8 years ago
This would be a Pepsi grant issued to an individual with a small business, utilizing the grant to complete a project that would be offered for sale to the public and for free to any medical or mental health institutions.
Tax Professional: Merlo, Accountant replied 8 years ago

Is your organization tax exempt under IRS regulations? It is my understanding that Pepsi does not issue grants to any organization that is not a 501(c)(3) tax exempt organization.

 

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Customer reply replied 8 years ago

Ok. This could help.

I would be applying as an individual (if possible), on the www.refresheverything.com competition that they are advertising at this time. I am not an organization. I simply have a VA business license. I haven't conducted business for a couple of years but I keep renewing the license. I have the experience to carry out my proposal for the grant.

I just don't know if It is doable legally. Or if I might have to be sponsored by another business.

Tax Professional: Merlo, Accountant replied 8 years ago

Hello again JA Customer,

 

I am going to put your question back on the open board to see if another expert here is more familiar with these grants.

 

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Customer reply replied 8 years ago

I'm going to have to bow out of this at this time.

Don't have time to wait. I'll simply have to wager a guess and submit my forms.

 

Thank you for trying though.

 

HB

Tax Professional: Merlo, Accountant replied 8 years ago

If someone here has an answer for you, you will receive an email notification if a response is posted.

 

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