Question 1. All exempt organizations which are subject to the

1. All exempt organizations which are subject to the unrelated business income tax must file Form 990-T (Exempt Organization Business Income Tax Return).

a. True

b. False

2. Unless the “widely available” provision is satisfied, a § 501(c)(3) exempt organization (excluding churches and private foundations) must make copies of the following available to the general public: Form 990 (Return of Organization Exempt from Income Tax) and Form 1023 [Application for Recognition of Exemption under § 501(c)(3)] or Form 1024 [Application for Recognition of Exemption under § 501(a)].

a. True

b. False

3. Which of the following qualify as exempt organizations?

a. Federal and related agencies.

b. Religious, charitable, and educational organizations.

c. Civic leagues.

d. Social clubs.

e. All of the above can be exempt from tax.

4. Which of the following are exempt organizations?

a. National Football League (NFL).

b. American Bankers Association (ABA).

c. Professional Golfers Association (PGA).

d. Only a. and c.

e. a., b., and c.

5. Which of the following is notan example of an exempt organization?

a. Religious, charitable, or educational organization.

b. Voluntary employees’ beneficiary association.

c. Labor, agricultural, or horticultural organization.

d. Stock exchange.

e. All of the above can be exempt from tax.

6. Which of the following are organizations exempt under § 501(c)(3)?

a. Girl Scouts of America.

b. Washington and Lee University.

c. Veterans of Foreign Wars (VFW).

d. Only a. and b. are § 501(c)(3) organizations.

e. All of the above are § 501(c)(3) organizations.

7. Which of the following attributes are associated with exempt organizations?

a. Organization serves some type of common good.

b. Organization is not a for profit entity.

c. Net earnings do not benefit the members of the organization.

d. Organization does not exert political influence.

e. All of the above statements are true.

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