Cohousing-L Mailing List: 501c(4) Non-profit status

[RLobdill (RLobdill]

Hello, This is Rich Lobdill from San Luis Obispo, CA. I am one of four
founding members and have been actively involved in our Cohousing group
(ultimately called Grell Cohousing Group, Inc) since October of 1987. 

My questions are of a Legal/Financial nature since those are the committies I
am involved with.

Has anybody attempted to organize as a 501c(4) non-profit? (not the same as a
501c(3)). Our tax accountant and lawyer both feel it may be possible after
reviewing a number of IRS Revenue Rulings. In our case, our land (five acres)
is going to be gifted to us and I large benefit to us would be to not have to
pay taxes on that gift. On the other hand, if in the future, our association
chooses to buy and sell units, it will go counter to the non-profit status.

Anybody been down this road?

Rich Lobdill