Hood River, OR asked in Tax Law for Oregon

Q: Oregon Elks Lodge, contacted by telecom company, offer is 300k lump sum, Elks concerned about paying taxes on this.

Oregon Elks Lodge, contacted by telecom company, offer is 300k lump sum, Elks concerned about paying taxes on this income as it would be other business income "or whatever the term is." We are a non profit, not sure how a one time payment would implicate taxes due. If the income is taxable, can we spend the money in a certain way that year to avoid paying taxes on it? For example purchasing new heating and cooling units, building improvements, donating the funds to charity? Can we save some of it in our savings accounts? Short and dirty of it, how to we collect this payment and not get screwed by taxes losing 1/2 of it.

Related Topics:
1 Lawyer Answer

A: If you're receiving $300,000 you can afford a professional tax advisor. Hire one yesterday.

Bruce Alexander Minnick agrees with this answer

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.