Dissolution of a Not for profit corporation and real assets

[tomcat1015]

We have a not-for- profit corporation in NJ that owns a small club. We are looking to dissolve the corporation and sell the property. There are 15 members of this club. Can we just sell the property and split the money?

Thanks!!

 

[Taxing Matters]

What do you mean by "not for profit corporation"? Is the corporation organized in NJ as a nonprofit corporation? And has the organization obtained tax exempt status with the IRS? If the answer is yes, what type of exempt organization is it, i.e. what paragraph of Internal Revenue Code (IRC) 501(c) covers the exemption?