Education, Inc., a 501(c)(3) organization, is a private foundation with a tax year that ends on
Question:
Education, Inc., a § 501(c)(3) organization, is a private foundation with a tax year that ends on May 31. Gross receipts for the fiscal year are $180,000, and the related expenses are $160,000.
a. Is Education required to file an annual information return?
b. If so, what form is used?
c. If so, what is the due date?
d. How would your answers in (a), (b), and (c) change if Education was an exempt organization that was not a private foundation?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (18 reviews)
a Yes Education is required to file an annual information return ...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts
ISBN: 9781305399884
39th Edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
Question Posted:
Students also viewed these Business Law questions
-
Wong, Inc., a 501(c)(3) organization, is a private foundation with a tax year that ends on May 31. Gross receipts for the fiscal year are $180,000, and the related expenses are $160,000. a. Is the...
-
Wren, Inc., a private foundation, generated $46,000 of gross receipts this year. a. Must Wren file an annual information return? If so, what form should be used? b. Assume instead that Wren is a ...
-
Choose the best answer. 1. Jan and Dean decided to form a charitable organization, I Love Rock N Rollers, to provide funding to assist former rock and roll group members who have become homeless....
-
When will the gravitational force between you and the Sun be greater-today at noon, or tomorrow at midnight? Defend your answer.
-
Nick is married and has three children in college. His wife is a homemaker. Nick has an adjusted gross income of $ 37,400. If Nicks standard deduction is $ 11,900, his itemized deductions are $...
-
Refer to the information in Exercise 6.22. Information From Exercise 6.22 ..................................................Physical Units Beginning WIP (40% complete).....................9,000...
-
To calculate the expected frequencies, we must know the row totals, the column totals, and the ________________ total. In Exercises 35, fill in each blank with the appropriate word or phrase.
-
Hillis Corporation issued $600,000 of 13% bonds on January 1, 2012, for $614,752.24. The bonds are due December 31, 2014, were issued to yield 12%, and pay interest semiannually on June 30 and...
-
Information pertaining to the inventory of Palette Company follows. FIFO Net Realizable Category: Supreme Cost Value Item A $2,100 $1,800 Item B 2,700 2,880 Item C 6,600 6,300 Category: Classic Item...
-
Richard McCarthy (born 2/14/64; Social Security number 100-10-9090) and Christine McCarthy (born 6/1/1966; Social security number 101-21- 3434) have a 19-year-old son (born 10/2/99 Social Security...
-
Seagull, Inc., a 501(c)(3) exempt organization, uses a tax year that ends on October 31. Seagulls gross receipts are $600,000, and related expenses are $580,000. a. Is Seagull required to file an...
-
Winston recently became the treasurer of Homeless, Inc., a 501(c)(3) organization that feeds the homeless. One of the entitys directors has proposed that Homeless purchase and operate a fast-food...
-
The 2018 balance sheet of Spieths Golf Shop, Inc., showed $490,000 in the common stock account and $3.4 million in the additional paid-in surplus account. The 2019 balance sheet showed $525,000 and...
-
Prices exist because of scarcity, not everyone can have everything they want right now. During natural disasters or pandemics, supplies of things can get very scarce. Shelves are emptied by consumers...
-
Espresso Express operates a number of espresso coffee stands in busy suburban malls. The fixed weekly expense of a coffee stand is $2,200 and the variable cost per cup of coffee served is $0.50....
-
Find P(x), the weekly profit for producing and selling x loaves of bread. (Hint: profit = revenue - cost.)
-
An automobile that cost $665 in 1934 was sold as an antique car for $14,800 in 1998. What was the rate of return of this "investment"? The rate of return of this "investment" is approximately percent...
-
A recent study by economists at the Federal Reserve Bank of New York estimates that over the period from 1970 to 2013, the average college graduate earned ________ more per year than the average...
-
Figure 5.2 provides perspectives on the relationship between business and the environment. Interpret these figures in terms of Pareto curves. Identify all the Pareto curves (lines) in these figures....
-
Calculate the change in entropy when 100 kJ of energy is transferred reversibly and isothermally as heat to a large block of copper at (i) 0 C, (ii) 50 C.
-
Give an example of a recent purchase you made where the purchase wasnt just a single transaction but rather part of an ongoing relationship with the seller. Discuss what the seller has done (or could...
-
Discuss how the micro-macro dilemma relates to each of the following products: high-powered engines in cars, nuclear power, bank credit cards, and pesticides that improve farm production.
-
s problem introduces you to the computer-aided prob lem (CAP) softwarewhich is at the O n line Learning Center for this textand gets you started with the use of spreadsheet analysis for marketing...
-
What are examples of R&D strategic innovations completed internationally by Procter & Gamble that they have continued to augment the R&D activities in the multinational company's home country of the...
-
Nick is currently the holder of a Class GK Subclass 482 Temporary Skill Shortage (' GK 482' ) visa which is due to expire in 1 year. Nick has come to you after lodging a Class BX, Subclass 858 Global...
-
Write MATLAB command to solve the questions: 8) Create two different vectors of the same length and after that (i) add them, (ii) subtract them, (iii) perform element-by-element multiplication on...
Study smarter with the SolutionInn App