C11-Chp-15-16-2-HW-Prb-Exempt Organ-Multistate-2010

C11-Chp-15-16-2-HW-Prb-Exempt Organ-Multistate-2010 - First...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
ca59e6c7cc35e278db489619058eec19d98ac5a0.doc. Page 1 of 3 First Name Last Name: Home work-Chapter 15-16. On the right side of the page enter letter of the best answer for each question. If convenient, staple your pages. Turn in one copy of your solutions at the start of class. (5 points per question.) Chapter 15. EXEMPTION 1 (Page 5) A Chamber of Commerce is an example of a: a. 501(c)(3) organization b. 501(c)(6) organization c. 501(c)(7) organization d. none of these 2 (Page 14) Which of these organizations is subject to a penalty tax for failure to distribute its income? a. Public charity b. Private Foundation c. Feeder organization d. none of these 3 (Page 27) Which of the following is true regarding exempt organizations? a. IRS rulings issued to the organizations are not available for public inspection. b. All exempt organizations file annual returns with the IRS c. A charitable organization is required to file an application with the IRS to be recognized as an exempt organization, except where the law provides that no application is required d. An organization that operates on a nonprofit basis is automatically classified as an exempt organization. e. A business is exempt if all of its profits are required to be distributed to a charity such as UNCC. 4 (Page 5, 10) Which one of these types of organizations qualifies as an organization exempt from income tax? a. All "feeder" organizations, primarily conducting businesses for profit, but distributing 100% of their profits to organizations exempt from taxation. b. A private foundation organized to influence legislation pertaining to protection of the environment. c. A business league operated primarily to publish a yearbook comprised of members' paid advertisements, solicited by paid employees. d. A labor union that represents employees of a particular industry in their negotiations with employers. INTERMEDIATE SANCTIONS
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/09/2012 for the course ACCT 6120 taught by Professor Godfrey,h during the Spring '08 term at UNC Charlotte.

Page1 / 3

C11-Chp-15-16-2-HW-Prb-Exempt Organ-Multistate-2010 - First...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online