In a message dated 12/12/03 1:02:15 PM, faskin@kinoy.rutgers.edu writes:

<< If a 527 does not incorporate, is it still exempt from paying taxes on 
contributions it receives?  If not, if it receives a $10 million contribution  
from Soros, it would probably have to pay nearly half of it taxes, wouldn't it?
 >>

No taxes as long as the organization spends the money on "exempt function" 
activity. i.e., directly or indirectly influencing an election.

James V. Lacy
Wewer & Lacy, LLP