Section 8: Tax Exempt Organization Flashcards
1
Q
Private Foundations
A
Receive less than 1/3 of support from general public
2
Q
Public Charities
A
Receive more than 1/3 of support from general public
3
Q
Exempt Status
A
Must file within 15 months of creation for approval of exempt status
4
Q
Unrelated Business Income
A
Must pay taxes on UBI greater than $1k
