7.Each of the following is an example of an exempt organization EXCEPT:

A. Chamber of Commerce

B. Educational organization

C. Horticultural organization

D. Investment club

8.Which of the following types of organizations may be required to file Form 1023 to apply for tax-exempt status?

A. A Section 501(c)(3) nonprofit organization.

B. A Section 501(c)(4) civic league.

C. A Section 501(c)(5) labor organization.

D. A Section 501(c)(6) professional football

9.How are carryovers (net operating loss and capital loss) generally treated in the final year of an estate?

A. Carryovers not absorbed in the final year are lost.

B. Net operating losses must be carried back two years on the final return.

C. Carryovers pass to the beneficiaries.

D. Capital losses are allocated to the estate only.