Reality Check by Dave Whamond for June 04, 2016

treesareusAnd IRS doesn’t understand it either. Being chair of a consumer co-op in Texas. I went to the library and researched all those volumes. There was nothing regarding the proper reporting form, so I went to the IRS office, and explained the problem. For each form they suggested, I cited the relevant section of the code that is was for something other than a retail co-operative. I think it reached the point that I could have told them anything and they would have believed me. Ultimately, we settled on a standard corporation form with an appended page of “translations”; where it says stockholders, we mean members, etc.