Exam 15: Exempt Entities

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Robin,Inc. ,a tax-exempt organization,leases a building and equipment to XYZ Corporation.The rental income from the building is $480,000 and from the equipment is $36,000.Rental expenses are $300,000 for the building and $33,000 for the equipment.What adjustment must be made to net unrelated business income?

(Multiple Choice)

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Question 141

While certain § 501(c)(3)organizations can elect to be permitted to lobby on a limited basis,churches are not eligible to make a § 501(h)election.

(True/False)

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Question 142

Sandy is the treasurer for Choose,Inc. ,a § 501(c)(3)organization.The CEO has indicated that he would like for the exempt organization to make a substantial contribution to an entity which is lobbying against a legislative position that would be detrimental to Choose,Inc.Describe for the CEO under what circumstances an exempt organization can be eligible to lobby.

(Essay)

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Question 143

The purpose of the excise tax imposed on a private foundation for failure to distribute sufficient levels of income is to motivate the foundation to distribute more of its income for application to exempt purposes and thus be classified as a feeder organization.

(True/False)

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Question 144

Identify the components of the tax model for unrelated business taxable income.

(Essay)

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Question 145

Showing 141 - 145 of 145

While certain § 501(c)(3)organizations can elect to be permitted to lobby on a limited basis,churches are not eligible to make a § 501(h)election.

The purpose of the excise tax imposed on a private foundation for failure to distribute sufficient levels of income is to motivate the foundation to distribute more of its income for application to exempt purposes and thus be classified as a feeder organization.

Identify the components of the tax model for unrelated business taxable income.

Understanding and Working With the Federal Tax Law

Corporations: Introduction and Operating Rules

Corporations: Special Situations

Corporations: Organization and Capital Structure

Corporations: Earnings Profits and Dividend Distributions

Corporations: Redemptions and Liquidations

Corporations: Reorganizations

Consolidated Tax Returns

Taxation of International Transactions

Partnerships: Formation, operation, and Basis

Partnerships: Distributions, transfer of Interests, and Terminations

S: Corporations

Comparative Forms of Doing Business

Taxes on the Financial Statements

Multistate Corporate Taxation

Tax Practice and Ethics

The Federal Gift and Estate Taxes

Family Tax Planning

Income Taxation of Trusts and Estates

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