Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Assist, Inc., a 501(c)(3) organization, receives the following sources of support during the tax year. General public for services rendered $22,000 Governmental unit A for
Assist, Inc., a 501(c)(3) organization, receives the following sources of support during the tax year.
General public for services rendered | $22,000 |
Governmental unit A for services rendered | 30,000 |
Governmental unit B for services rendered | 3,000 |
Governmental unit C for services rendered | 8,000 |
Gross investment income | 19,000 |
Contributions from individual substantial contributors (disqualified persons) | 18,000 |
Is Assist, Inc., classified as a private foundation? Perform the Internal and External support tests and show all computations.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started