The Scientology Media Productions studio was purchased to placate the IRS.
The LA Weekly has a long and very good article about Scientology Media Productions. Please read it all. I am going to highlight and excerpt only one small but very important part.
Please note Mike Rinder has previously explained that the Church of Scientology buys real estate in order to satisfy the IRS requirement that it not hoard money while still retaining the economic value of the purchased property. The IRS considers it appropriate for a tax-exempt church to spend money on real estate, buildings and facilities to serve its parishioners.
LA Weekly: What Is the Church of Scientology Doing With This Los Angeles Movie Studio?
http://ift.tt/2bhyhF0
* * * * * BEGIN EXCERPT * * * * *
BY HILLEL ARON WEDNESDAY, AUGUST 24, 2016 AT 6:30 A.M.
[SNIP]
But according to former high-ranking Scientology officials who have either left the church or were expelled, there is one simple reason the church built its new studio: money.
For decades, the Internal Revenue Service considered Scientology to be a commercial enterprise, and taxed it as such. But in 1993, after a 25-year legal and political battle, the IRS reversed itself and granted the church 501(c)(3) status. As a result, Scientology pays little in taxes.
But in order to maintain its tax-free status, the church can't make a profit and can't hoard money. Tom De Vocht, who oversaw the church's real estate division until 2001 (and who left the church in 2005), says he was briefed by none other than Miscavige himself on Scientology's strategy of buying land as a way to spend and effectively store its cash.
"They're not really advertising, not really reaching out," De Vocht says. "They don't pay anyone. The money's gotta go somewhere."
He adds: "We spent crazy money on renovations and purchases. Yearly, they took albums of photos of properties they purchased and renovated to IRS, to show what they were spending money on. That was a big driving factor."
[SNIP]
* * * * * END EXCERPT * * * * *
The Scientology Media Productions studio was purchased to placate the IRS
The LA Weekly has a long and very good article about Scientology Media Productions. Please read it all. I am going to highlight and excerpt only one small but very important part.
Please note Mike Rinder has previously explained that the Church of Scientology buys real estate in order to satisfy the IRS requirement that it not hoard money while still retaining the economic value of the purchased property. The IRS considers it appropriate for a tax-exempt church to spend money on real estate, buildings and facilities to serve its parishioners.
LA Weekly: What Is the Church of Scientology Doing With This Los Angeles Movie Studio?
http://ift.tt/2bhyhF0
* * * * * BEGIN EXCERPT * * * * *
BY HILLEL ARON WEDNESDAY, AUGUST 24, 2016 AT 6:30 A.M.
[SNIP]
But according to former high-ranking Scientology officials who have either left the church or were expelled, there is one simple reason the church built its new studio: money.
For decades, the Internal Revenue Service considered Scientology to be a commercial enterprise, and taxed it as such. But in 1993, after a 25-year legal and political battle, the IRS reversed itself and granted the church 501(c)(3) status. As a result, Scientology pays little in taxes.
But in order to maintain its tax-free status, the church can't make a profit and can't hoard money. Tom De Vocht, who oversaw the church's real estate division until 2001 (and who left the church in 2005), says he was briefed by none other than Miscavige himself on Scientology's strategy of buying land as a way to spend and effectively store its cash.
"They're not really advertising, not really reaching out," De Vocht says. "They don't pay anyone. The money's gotta go somewhere."
He adds: "We spent crazy money on renovations and purchases. Yearly, they took albums of photos of properties they purchased and renovated to IRS, to show what they were spending money on. That was a big driving factor."
[SNIP]
* * * * * END EXCERPT * * * * *
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