Sean Patrick Clancy’s Answers

Sean Patrick Clancy

Saint Louis Tax Lawyer.

Contributor Level 3
  1. I have a not for profit organization .I want to buy building for that purpose .Is the property tax automatically exempt ?

    Answered about 1 year ago.

    1. Sean Patrick Clancy
    2. Alan James Brinkmeier
    2 lawyer answers

    The issues are complex. The answer will depend on the type of organization. To receive an exemption for real estate tax purposes in Illinois as a general rule, the nonprofit organization needs to be a charitable or an educational one under IRC 501(c)(3) of the Internal Revenue Code or be a certain type of religious organization. In addition, the nonprofit organization has to apply for the real estate tax exemption with the county Board of Review where the property is located. My suggestion...

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  2. How to still get home sale capital gains tax exemption with condo in LLC?

    Answered about 1 year ago.

    1. Paul Rutledge Durr III
    2. Sean Patrick Clancy
    2 lawyer answers

    Here is a nice link to a website explaining the IRC Section 121 exclusion for the sale of a principal residence and the use of an LLC as the owner of such a residence.

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