How do labor organizations that file Form LM-2 report on trusts that have previously been treated as subsidiaries?
A. If the trust is wholly owned, wholly controlled, and wholly financed by the labor organization (that is, it was a subsidiary of the labor organization), the labor organization must either file Form T-1 for the trust or consolidate the financial information for the subsidiary organization and the labor organization on the Form LM-2. Q. If a labor organization itself has under $250,000 in total annual receipts for a fiscal year beginning on or after January 1, 2007, but the receipts from a “subsidiary organization” (that meets the definition in the Form LM-3 instructions) bring its receipts to over $250,000, what form does the labor organization file? A. The labor organization files a Form LM-2. The instructions for Form LM-3, the form used by unions with under $250,000 in total annual receipts, state that the receipts of subsidiary organizations must be included in determining which form to file, and the instructions for Form LM-2 provide that the receipts of a trust which is wholly
Related Questions
- Am I required to file the labor organizations constitution and bylaws with Form LM-2 if they were amended or changed during the reporting period?
- Are labor organizations with employees required to file a Form LM-10 when they make payments to unions and union officials?
- How do labor organizations that file Form LM-2 report on trusts that have previously been treated as subsidiaries?
