Reference no: EM132599990
Question 1: Which of the following is an example of an exempt organization that may be subject to unrelated business income tax?
A. A college bookstore that sells collegiate clothing.
B. A hospital gift shop that sells flowers.
C. A church that rents its non-debt financed basement to a for-profit organization monthly.
D. An animal shelter that sells pet food.
Question 2: The IRS annual reporting document, Form 990, is required to be completed by:
A. Churches and their affiliates.
B. Corporations organized for the prevention of cruelty to animals.
C. Federal agencies.
D. Private operating foundations.
Question 3: Which of the following is an example of an unrelated business activity for an exempt organization? All are qualified as tax-exempt organizations under IRC 501(c)(3).
A. Let's Read Together, Inc, a literacy program run by volunteers, conducts a bake sale every month.
B. 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.
C. Leashes and Litter Pans, Inc., a dog and cat rescue organization, operates a food truck in the industrial district on weekdays throughout the year.
D. Homeless Gone Now, Inc, an organization to provide shelter for homeless individuals, operates a thrift store that sells donated goods
Question 4: In 2019, Tariq Hass created a trust for the benefit of his two children, and named the eldest child as the trustee. The trust instrument provided that the income earned from the trust should be distributed annually and an additional $1,000 should be distributed to each beneficiary. What classification best describes this trust? Check
A. Charitable
B. Complex
C. Grantor
D. Simple
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