Chapter 3 Section 3: Exempt Organizations Flashcards

1
Q

What is the most common type of Exempt Organization?

What is it?

A

501(c)(3)

It has community things and operates for religious, charitable, scientific, etc purposes

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2
Q

What can a 501(c)(3) not do?

A

A substantial part of their activities cannot be non-exempt in nature
Cannot intervene in political campaigns

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3
Q

What is a 509 Private Foundation?

A

Includes 501(c)(3) other than specific exclusions

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4
Q

What is the required return for a 509 Private Foundation?

A

Annual Form 990-PF

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5
Q

Define Unrelated Business Income

A

Gross income from any unrelated trade or business regularly carried on, less related deductions. It is not substantially related to their tax-exempt purpose

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6
Q

What is the deduction on UBI?

A

$1,000 from UBI

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7
Q

What is the required return for UBI?

A

Annual Form 990

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8
Q

What are the organizations that do not have to file a 990?

50,000 CHRIST

A
50,000 or less in gross receipts
Church
High School - religious
Religious Order
Internally Supported Auxillaries
Societies - missionary related
Tax-Exempt Organizations by Congress
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