There are various types of nonprofit organizations recognized by the IRS. Donations to which of the...
- There are various types of nonprofit organizations recognized
by the IRS. Donations to which of the following are considered tax
deductible as donations to charity?
- 501 (c ) 1
- 501 (c ) 3
- 501 (a ) 7
- 502 (b) 12
Homework Answers
Answer - b. 501(c) 3
Under Section 501(c)3, an individual may take tax deduction on a charitable gift to the organization and operated exclusively for religious, charitable, scientifc, literary or educational purposes also to foster sports and for prevention of cruelty to children or animals.
Section 501 (c) 1 includes corporations organized under Act of Congress, including Federal cerdit unions and National Farm loan Associations.
Section 501 (a) 7 deals with exemption from federal income tax of clubs organized for pleasure, recreation and other non profitable purposes.
Section 502 (b) 12 deals with medical expenses.
Add Answer to:
There are various types of nonprofit organizations recognized
by the IRS. Donations to which of the...
Question 15 of 15. Which of the following types of organizations may be required to file...
Question 15 of 15. Which of the following types of organizations may be required to file Form 1023 to apply for tax-exempt status? O A $501(c)(3) nonprofit organization. A $501(c)(4) civic league. Churches Organizations that are not private foundations with gross receipts of $5,000 or less.
Question 14 of 15. Which section of the Internal Revenue Code lists the types of organizations...
Question 14 of 15. Which section of the Internal Revenue Code lists the types of organizations that are exempt from taxation? O $501(a). $502. $503 $501(c). Mark for follow up
An accrual basis corporation wants to make a donation to an IRS approved charity. What is...
An accrual basis corporation wants to make a donation to an IRS approved charity. What is the most tax efficient type of property the corporation could use to make the donation? Why? What procedural steps must the corporation take to ensure the contribution will be deductible in the current year? Assume the charity is a valid 501(c)(3) organization. Assume the amount of the contribution is $25,000 and it is the only contribution made this year and there are no carryforwards....
Which of the following is identified as an area(s) of concern by the IRS with respect to tax-exempt organizations? A. Cost allocations. B. Excess executive compensation. C. Organization...
Which of the following is identified as an area(s) of concern by the IRS with respect to tax-exempt organizations? A. Cost allocations. B. Excess executive compensation. C. Organizations operating out of their tax-exempt purpose. D. All of the above.
2- under what circumstances may an IRS agent use indirect methods? 3- which of the following...
2- under what circumstances may an IRS agent use indirect methods? 3- which of the following is nota major indirect method? a. net worth b. cash-t c.balance sheet evaluation d. source and application of funds 5-describe the cash-T method 26- you are investigating possible hidden income in a divorce dispute involving an automobile repair shop with five bays. There are five mechanics, charging approximately $60 per hour for 7 hours per day. Assume 315 days worked with each person's wage...
Which of the following donations is not deductible as a charitable deduction? a.A donation of clothing...
Which of the following donations is not deductible as a charitable deduction? a.A donation of clothing to Goodwill Industries. b.A donation of stock to a public university. c.A donation of a taxpayer's time picking up trash on the beach. d.A painting donation to a museum. e.A cash donation to a church. Which of the following interest expense amounts is not deductible in the current year? a.Investment interest expense of $10,000, assuming the taxpayer has no investment income. b.Qualified residence interest...
Governments and nonprofit entities are similar in many ways. Which of the following statements is not...
Governments and nonprofit entities are similar in many ways. Which of the following statements is not truc? MC1-10. LO 1 a. Neither governments nor nonprofit entities have a profil modve. D. Both govemments and nonprofit entities provide services. C. Both govemments and nonprofit entities assess tases. 4. Boin govemments and nonprofit entities often report restricted resources. MC1-11. Why do govemments and nonprofit entities use fund accounting a. 1o help ensure restricted resources are spent for their intended purpose. 0. To...
Test - Senior Tax Analyst Certification Test (2020) Exempt Organizations Question 9 of 75. Which of...
Test - Senior Tax Analyst Certification Test (2020) Exempt Organizations Question 9 of 75. Which of the following is an example of an unrelated business activity for an exempt organization? Allare qualified as tax-exempt organizations under IRC 501(c)(3). Let's Read Together, Inc, a literacy program run by volunteers, conducts a bake sale every month Charity Local Clinic, Inc, a small medical facility located in a rural area, has a small cafeteria for the benefit of the medical personel and patients....
1. In a not-for-profit organization, donations received for a particular purpose are recorded as Net Assets...
1. In a not-for-profit organization, donations received for a particular purpose are recorded as Net Assets without donor restrictions. Donations that are cannot be spent, but the earnings can be are referred to as Net Assets without donor restrictions. Profits and donations with no donor specifications are referred to as Net Assets with donor restrictions. True or False? 2.The Excess of Revenues over Expenses focuses on operating activities, while the Increase in Net Assets without Donor Restrictions includes non-operating changes...
7. The majority of the IRS examinations on individual returns are accounted by O a. Office...
7. The majority of the IRS examinations on individual returns are accounted by O a. Office audits O b. Fraud audits O c CPA reviewed audits O d. Correspondence audits QUESTION 8 8 Which of the following would produce a Discriminant Function System alert O a. a large casualty loss damed as deduction O b. a trafficking violation of penal statutes O c meals claimed as deduction O d. no income QUESTION 9 9. Which can be an educational experience...
Question 15 of 15. Which of the following types of organizations may be required to file Form 1023 to apply for tax-exempt status? O A $501(c)(3) nonprofit organization. A $501(c)(4) civic league. Churches Organizations that are not private foundations with gross receipts of $5,000 or less.
Question 14 of 15. Which section of the Internal Revenue Code lists the types of organizations that are exempt from taxation? O $501(a). $502. $503 $501(c). Mark for follow up
Governments and nonprofit entities are similar in many ways. Which of the following statements is not truc? MC1-10. LO 1 a. Neither governments nor nonprofit entities have a profil modve. D. Both govemments and nonprofit entities provide services. C. Both govemments and nonprofit entities assess tases. 4. Boin govemments and nonprofit entities often report restricted resources. MC1-11. Why do govemments and nonprofit entities use fund accounting a. 1o help ensure restricted resources are spent for their intended purpose. 0. To...
Test - Senior Tax Analyst Certification Test (2020) Exempt Organizations Question 9 of 75. Which of the following is an example of an unrelated business activity for an exempt organization? Allare qualified as tax-exempt organizations under IRC 501(c)(3). Let's Read Together, Inc, a literacy program run by volunteers, conducts a bake sale every month Charity Local Clinic, Inc, a small medical facility located in a rural area, has a small cafeteria for the benefit of the medical personel and patients....
7. The majority of the IRS examinations on individual returns are accounted by O a. Office audits O b. Fraud audits O c CPA reviewed audits O d. Correspondence audits QUESTION 8 8 Which of the following would produce a Discriminant Function System alert O a. a large casualty loss damed as deduction O b. a trafficking violation of penal statutes O c meals claimed as deduction O d. no income QUESTION 9 9. Which can be an educational experience...
Most questions answered within 3 hours.
-
Under the influence of its drive force, a snowmobile is moving
at a constant velocity along...
asked 1 hour ago -
Why do organizations decline? What steps can top
management take to halt, decline, and restore organizational...
asked 1 hour ago -
. Suppose a discrete random variable has probability
distribution
P(x) = .2 if x = 0...
asked 51 minutes ago -
What mechanisms Drive speciation??
(I.e. what was Dawins theory on the orgin of species, and how...
asked 2 hours ago -
The manager at a car assembly plant believes that the mean
assembly time for a car...
asked 3 hours ago -
Which of the following is true of electron capture?
A) It decreases the nuclide's mass number...
asked 5 hours ago -
Assuming an efficiency of 43.10%, calculate the actual yield of
magnesium nitrate formed from 114.9 g...
asked 5 hours ago -
The highly pathogenic bacterium Clostridium
perfringens causes gangrene, a disease that results in the
destruction of...
asked 7 hours ago -
In the context of situation analysis, which of the following is
a category for analysis in...
asked 7 hours ago -
In a study of the gas phase decomposition of sulfuryl chloride
at 600 K SO2Cl2(g)SO2(g) +...
asked 7 hours ago -
75 g of 2-propanol (C3H8O) and 25 g of pentane are mixed in a
200 mL...
asked 7 hours ago -
The 2800-turn coil in a dc motor has an area per turn of 1.1 ×
10-2...
asked 7 hours ago