Question 1

Match the following statements.
-Form 990-PF.

Accepted Answer

A)  Exempt from tax on unrelated business.
B)  Inappropriate definition.
C)  Exempt organization may be subject to the tax on unrelated business income.
D)  Annual information return of an exempt organization that is required to file a return and which is not a private foundation.
E)  Appropriate definition.F) Annual information return of a private foundation.G) None of the above
H) D) and F)

Question 2

Some of the excise taxes that may be imposed on private foundations may be imposed on both the private foundation and the foundation manager.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following is not an example of an exempt organization?

Accepted Answer

A)   Religious, charitable, or educational organization.
B)   Voluntary employees' beneficiary association.
C)   Labor, agricultural, or horticultural organization.
D)   Stock exchange.
E)   All of these can be exempt from tax.F) A) and D)
G) A) and C)

Question 4

A § 501c)3) exempt organization excluding churches and private foundations) must make available to the general public its current Form 990.

Accepted Answer

A) True 
 B)False

Question 5

What are the common characteristics of organizations that receive exempt status?

Accepted Answer

Many organizations that qualify for exem...

Question 6

What are the excise taxes imposed on private foundations, and why are they imposed?

Accepted Answer

The excise taxes imposed on private foun...

Question 7

For each of the following taxes that are imposed on private foundations and/or foundation managers, match the appropriate initial tax or additional tax.
-Tax on jeopardizing investments

Accepted Answer

A)  10% initial tax and 25% additional tax on private foundation.
B)  30% initial tax and 100% additional tax on private foundation.
C)  10% initial tax and 200% additional tax on private foundation.
D)  10% initial tax and 100% additional tax on disqualified person.
E)  10% initial tax and 200% additional tax on the disqualified person.F) B) and D)
G) B) and C)

Question 8

What tax forms are used to apply for exempt status? Be specific.

Accepted Answer

An organization that is exempt under § 5...

Question 9

Are organizations that qualify for exempt organization status completely exempt from Federal income taxation?

Accepted Answer

No. Such organizations may be only parti...

Exam 15: Exempt Entities

Some of the excise taxes that may be imposed on private foundations may be imposed on both the private foundation and the foundation manager.

Correct Answer
verified

For each of the following taxes that are imposed on private foundations and/or foundation managers, match the appropriate initial tax or additional tax. -Tax on jeopardizing investments

Correct Answer
verified

What are the excise taxes imposed on private foundations, and why are they imposed?

Correct Answer
verified
The excise taxes imposed on private foun...
View Answer

Match the following statements. -Form 990-PF.

Correct Answer
verified

What tax forms are used to apply for exempt status? Be specific.

Correct Answer
verified
An organization that is exempt under § 5...
View Answer

What are the common characteristics of organizations that receive exempt status?

Correct Answer
verified
Many organizations that qualify for exem...
View Answer

Are organizations that qualify for exempt organization status completely exempt from Federal income taxation?

Correct Answer
verified
No. Such organizations may be only parti...
View Answer

A § 501c)3) exempt organization excluding churches and private foundations) must make available to the general public its current Form 990.

Correct Answer
verified

Which of the following is not an example of an exempt organization?

Correct Answer
verified

Exam 15: Exempt Entities

Some of the excise taxes that may be imposed on private foundations may be imposed on both the private foundation and the foundation manager.

Correct AnswerverifiedShow Answer

For each of the following taxes that are imposed on private foundations and/or foundation managers, match the appropriate initial tax or additional tax. -Tax on jeopardizing investments

Correct AnswerverifiedShow Answer

What are the excise taxes imposed on private foundations, and why are they imposed?

Correct AnswerverifiedThe excise taxes imposed on private foun...View AnswerShow Answer

Match the following statements. -Form 990-PF.

Correct AnswerverifiedShow Answer

What tax forms are used to apply for exempt status? Be specific.

Correct AnswerverifiedAn organization that is exempt under § 5...View AnswerShow Answer

What are the common characteristics of organizations that receive exempt status?

Correct AnswerverifiedMany organizations that qualify for exem...View AnswerShow Answer

Are organizations that qualify for exempt organization status completely exempt from Federal income taxation?

Correct AnswerverifiedNo. Such organizations may be only parti...View AnswerShow Answer

A § 501c)3) exempt organization excluding churches and private foundations) must make available to the general public its current Form 990.

Correct AnswerverifiedShow Answer

Which of the following is not an example of an exempt organization?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The excise taxes imposed on private foun...
View Answer

Correct Answer
verified

Correct Answer
verified
An organization that is exempt under § 5...
View Answer

Correct Answer
verified
Many organizations that qualify for exem...
View Answer

Correct Answer
verified
No. Such organizations may be only parti...
View Answer

Correct Answer
verified

Correct Answer
verified