Blue, Inc, Receives Its Support from the Following Sources Which of the Following Statements Is Correct?
A) Blue Is

Blue, Inc., receives its support from the following sources. $\begin{array}{lr}\text { Governmental unit A for services rendered } & \$ 18,000 \\\text { General public for services rendered } & 25,000 \\\text { Gross investment income } & 8,000 \\\text { Contributions from individual disqualified persons } & 19,000\end{array}$ Which of the following statements is correct?

A) Blue is a private foundation because it satisfies the external support test and fails the internal support test.
B) Blue is not a private foundation because it fails both the internal and external support tests.
C) Blue is a private foundation because it satisfies both the external support test and the internal support test.
D) Blue is not a private foundation because it satisfies both the external support test and the internal support test.

Correct Answer:

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