This archive of ACC 317 Week 8 Quiz 3 comprehends:
Chapter 23, Chapter 24, Chapter 25
1. A church is one of the types of exempt organizations.a. Trueb. False2. While the major objective of the Federal income tax law is to raise revenue, social considerations and economic objectives also affect the tax law.a. Trueb. False3. All organizations that are exempt from Federal income tax are exempt under 501(c)(3).a. Trueb. False4. An exempt entity in no circumstance is subject to Federal income tax.a. Trueb. False5. To satisfy the not for profit requirement for exempt status, the entity may not be engaged in a trade or business.a. Trueb. False6. General requirements for exempt status include the organization serving the common good and the organization being a not-for-profit entity.a. Trueb. False7. Engaging in a prohibited transaction can result in an exempt organization being subject to Federal income tax, butcannotcause it to lose its exempt status unless the exempt organization repeats the prohibited transaction.a. Trueb. False8. The League of Women Voters is a 501(c)(3) organization.a. Trueb. False9. George is running for mayor of Culpepper. The members of Third Church adamantly oppose his candidacy. They would like to run a political advertisement in the local newspaper opposing his candidacy. The newspaper ad would have no effect on Third Churchs exempt status because the ad opposes George, it does not support his opponent.a. Trueb. False10. Certain 501(c)(3) exempt organizations are permitted to engage in lobbying activities in the same manner astaxable organizations.a. Trueb. False
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