Multiple Choice
Blue,Inc. ,receives its support from the following sources. Governmental unit A,for services rendered $18,000 General public,for services rendered 25,000 Gross investment income 8,000 Contributions from individual substantial contributors (disqualified persons) 19,000 Which of the following statements is correct?
A) Blue,Inc. ,is a private foundation because it satisfies the external support test and fails the internal support test.
B) Blue,Inc. ,is not a private foundation because it fails both the internal and external support tests.
C) Blue,Inc. ,is a private foundation because it satisfies both the external support test and the internal support test.
D) Blue,Inc. ,is not a private foundation because it satisfies both the external support test and the internal support test.
E) None of the statements is true.
Correct Answer:
Verified
Correct Answer:
Verified
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