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Presentation/PPT
27/08/2022
Can you help with the following questions? Thanks in advance.
6. A volunteer fire company is most likely organized under Section:
a. 501(c)(1)
b. 501(c)(3)
c. 501(c)(4)
d. 501(c)(7)
9. An association of workers who have combined to protect and promote the
interests of its members by bargaining collectively is most likely organized under Section:
a. 501(c)(2)
b. 501(c)(5)
c. 501(c)(6)
d. 501(c)(9)
10. A contribution to an organization organized under this Section has the best
odds of being deducted as a charitable contribution:
a. 501(c)(3)
b. 501(c)(4)
c. 501(c)(5)
d. 501(c)(6)
11. An organization organized under this Section has the best odds of NOT being
subject to the tax on unrelated business income:
a. 501(c)(4)
b. 501(c)(3)
c. 501(c)(2)
d. 501(c)(1)
13. Which of the following most accurately defines unrelated business income?
a. Income from a trade or business that is occasionally carried on by an exempt
organization and that is substantially related to the performance by the organization of its
exempt purpose or function.
b. Income from a trade or business that is regularly carried on by an exempt
organization and that is not substantially related to the performance by the organization
of its exempt purpose or function.
c. Income from a trade or business that is regularly carried on by an exempt
organization and that is substantially related to the performance by the organization of its
exempt purpose or function.
d. Income from a trade or business that is regularly carried on by a for-profit
organization that is not substantially related to purpose stated in organization’s formation
document.
14. Which of the following items is likely to be completed LAST by a nonprofit
corporation?
a. The nonprofit corporation receives an exemption (from income taxes) from its
state taxing authority
b. The nonprofit corporation obtains a taxpayer ID by filing its SS-4
c. The nonprofit corporation’s Articles of Incorporation are filed by the Secretary
of State’s Office
d. The nonprofit corporation’s Form 1023 is submitted
15. Generally, a 501(c)(4) organization must:
a. Provide benefit to a community
b. Benefit every member of a community
c. Provide equal benefits to members of the community
d. All of the above
16. Net earnings of a 501(c)(5) organization may NOT benefit any:
a. Private shareholder or individual
b. Non-resident
c. Member
d. Both “a” and “b”
17. Net earnings of a 501(c)(6) organization may NOT benefit any:
a. Private shareholder or individual
b. Non-resident
c. Member
d. Both “a” and “b”
18. Which of the following activities is LEAST likely to be EXCLUDED from the
definition of unrelated trade or business?
a. A trade or business in which substantially all the work is performed for the
organization without compensation
b. A bingo game that is legal where it is played (and played in a jurisdiction
where bingo games are not regularly carried on by for-profits)
c. Payments for advertising that strongly endorses sponsor’s products
d. A trade or business carried on by a university primarily for the convenience of
its students
19. Which payment (by Big Bank to Big University) is MOST likely to be
considered a qualified sponsorship payment?
a. A payment whereby Big University agrees to show Big Bank’s logo at certain
Big University’s athletic events
b. A payment whereby Big University agrees to broadcast messages containing
qualitative language and price information about Big Bank’s products and services
c. A payment whereby Big University agrees to endorse Big Bank’s products and
services
d. None of the above payments could be a qualified sponsorship payment
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