Case Question The Nomad Clinic, a tax-exempt organization, sells memberships to corporations so that their...
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Accounting
Case Question
The Nomad Clinic, a tax-exempt organization, sells memberships to corporations so that their employees can work out before and after office hours. The Get Fit Gym four blocks away has similar facilities and also wants to sell memberships to corporate neighbors. Is The Nomad Clinic subject to federal income tax on its membership sales?
Please prepare a tax memo using the following format:
Section 1 - Facts
Section 2 - Issue(s)
Section 3 Rules
Section 4 - Analysis
Section 5 Conclusion
Answer & Explanation
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