Exam 15: Exempt Entities

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

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

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

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

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

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

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

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

Match the following statements. -Form 990-PF.