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Address any reply to: 300 E.8th St.,Austin,Tex. 78701 <br /> :134pear s-ogniI ©© f llk®V' oaB 7 <br /> Telephone Number: (512)397-5291 <br /> Internal Revenue Service <br /> rtg/ Dater In reply refer to: <br /> JA�US-c uly 1, 1974 123 A:FA:EO:WKB:aj <br /> . �b __._.74= .__..............___.______.__......_...._.._. <br /> D Lower Arkansas Water Management <br /> Association <br /> Box 1161 <br /> (109 West Beech Street) <br /> Lamar, Colorado 81502 <br /> Internal Revenue Code: Section 501(c)(4) <br /> Address Inquiries to District <br /> Director of Internal Revenue: Austin, Texas <br /> Accounting Period Ending: December 31 <br /> Gentlemen: <br /> On the basis of your stated purposes and the understanding that your oper- <br /> ations will continue as evidenced to date or will conform to those proposed <br /> in your ruling application, we have concluded that you are exempt from <br /> Federal income tax under the provisions of the Internal Revenue Code section <br /> indicated above. Any changes in operations from those described, or in your <br /> character or purposes, must be reported immediately to your District Director <br /> for consideration of their effect upon your exempt status. You must also <br /> report any change in your name and ad rese. <br /> You are not required to file Federal income tax returns so long as you retain <br /> an exempt status, unless you are subject to the tax on unrelated business <br /> income imposed by section 511 of the Code, in which event you are required to <br /> file Form 990-T. You are required to file Form 990, Return of Organization <br /> Exempt From Income Tax, only if your gross receipts each year are normally <br /> more than $5,000. If a return is required, it must be filed by the 15th day <br /> of the fifth month following the end of your annual accounting period. The <br /> law imposes a penalty of $10 a day, up to a maximum of $5,000, for failure <br /> to file a return on time. <br /> Unless specifically excepted you are liable for taxes under the Federal Insur- <br /> ance Contributions Act (social security taxes). Also, unless excepted, you are <br /> liable for tax under the Federal Unemployment Tax Act if, during the current or <br /> preceding calendar year, you have one or more employees at any time in each of <br /> 20 weeks, or you pay wages of $1,500 or more in any calendar quarter. <br />