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will a non profit set up for the development of a scientific

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project, at the dissolution of...
will a non profit set up for the development of a scientific project, at the dissolution of the non profit have to give up the scientific development to "be distributed by the federal government"
Submitted: 5 years ago.Category: Tax
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12/1/2011
Tax Professional: Jax Tax, Tax Attorney replied 5 years ago
Jax Tax
Jax Tax, Tax Attorney
Category: Tax
Satisfied Customers: 1,408
Experience: JD, LL.M in Business and Taxation, IRS Enrolled Agent. Expert in Business and Tax Transactions
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Jax Tax : All assets of a 501c3 must be donated at the closure of a non profit or sold and funds donated.
JACUSTOMER-8jcdgkct- :

what if the scientific project is not owned by the non profit, the non profit is set up only for development funding?

Jax Tax : I am not sure how that structure would work. The non profit raises money for the project and then gives it to another company to actually develop the asset?
JACUSTOMER-8jcdgkct- :

no, the the asset a prototype, not owned by the non profit, but being developed for the overall public good (this is assuming the irs will grant non profit status in the first place) see www.f8wd.org

Jax Tax : You are going to have to clarify. What does the non profit have to do with the product then? What is it exactly that the non profit will do. If not developing the product then what is the non profit purpose?
JACUSTOMER-8jcdgkct- :

the non profit is only for the purpose of developing the concept, for the public good

Jax Tax : How is the non profit funded?
JACUSTOMER-8jcdgkct- :

hopefully from some foundations grants

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