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Help needed to answer these questions. Please answer by today 1. Which of following reasons is NOT a typical reason for a 501(c)(3) to participate
Help needed to answer these questions. Please answer by today
1. Which of following reasons is NOT a typical reason for a 501(c)(3) to participate in an unincorporated joint venture with a nonexempt organization? a. To raise capital b. To increase the odds of a successful Form 1023 filing c. To obtain technical expertise d. To establish relationships 2. Per our Text, which of following is LEAST likely to be considered a unique characteristic of a joint venture? a. It is created by contract b. It is conducted through a separate entity c. Its co-venturers invest capital and/or services d. Its co-venturers expose themselves to joint and several liability 3. On what date is a nonprofit corporation (seeking 501(c)(3) status) most likely to be considered \"organized\" for tax purposes? a. The date founders agreed to form the corporation b. The date the corporation's Articles of Incorporation are mailed to the Secretary of State's Office c. The date the corporation's Articles of Incorporation are filed by the Secretary of State's Office d. The date the corporation's Form 1023 is submitted 4. An established (and traditional) 501(c)(3) university teams up with another organization to develop a distant learning program. What TYPE of joint venture is this most likely to be considered? a. A principal exempt function joint venture b. An ancillary joint venture c. A support services joint venture d. A pure investment joint venture 5. Various Miami-area universities decide to combine their investment portfolios. What TYPE of joint venture is this most likely to be considered? a. A principal exempt function joint venture b. An ancillary joint venture c. A support services joint venture d. A pure investment joint venture 6. A volunteer fire company is most likely organized under Section: a. 501(c)(1) b. 501(c)(3) c. 501(c)(4) d. 501(c)(7) 7. A club formed for pleasure, recreation, and social activities is most likely organized under Section: a. 501(c)(1) b. 501(c)(3) c. 501(c)(4) d. 501(c)(7) 8. An organization that promotes its members' common business interests is most likely organized under Section: a. 501(c)(2) b. 501(c)(5) c. 501(c)(6) d. 501(c)(9) 9. An association of workers who have combined to protect and promote the interests of its members by bargaining collectively is most likely organized under Section: a. 501(c)(2) b. 501(c)(5) c. 501(c)(6) d. 501(c)(9) 10. A contribution to an organization organized under this Section has the best odds of being deducted as a charitable contribution: a. 501(c)(3) b. 501(c)(4) c. 501(c)(5) d. 501(c)(6) 11. An organization organized under this Section has the best odds of NOT being subject to the tax on unrelated business income: a. 501(c)(4) b. 501(c)(3) c. 501(c)(2) d. 501(c)(1) 13. Which of the following most accurately defines unrelated business income? a. Income from a trade or business that is occasionally carried on by an exempt organization and that is substantially related to the performance by the organization of its exempt purpose or function. b. Income from a trade or business that is regularly carried on by an exempt organization and that is not substantially related to the performance by the organization of its exempt purpose or function. c. Income from a trade or business that is regularly carried on by an exempt organization and that is substantially related to the performance by the organization of its exempt purpose or function. d. Income from a trade or business that is regularly carried on by a for-profit organization that is not substantially related to purpose stated in organization's formation document. 14. Which of the following items is likely to be completed LAST by a nonprofit corporation? a. The nonprofit corporation receives an exemption (from income taxes) from its state taxing authority b. The nonprofit corporation obtains a taxpayer ID by filing its SS-4 c. The nonprofit corporation's Articles of Incorporation are filed by the Secretary of State's Office d. The nonprofit corporation's Form 1023 is submitted 15. Generally, a 501(c)(4) organization must: a. Provide benefit to a community b. Benefit every member of a community c. Provide equal benefits to members of the community d. All of the above 16. Net earnings of a 501(c)(5) organization may NOT benefit any: a. Private shareholder or individual b. Non-resident c. Member d. Both \"a\" and \"b\" 17. Net earnings of a 501(c)(6) organization may NOT benefit any: a. Private shareholder or individual b. Non-resident c. Member d. Both \"a\" and \"b\" 18. Which of the following activities is LEAST likely to be EXCLUDED from the definition of unrelated trade or business? a. A trade or business in which substantially all the work is performed for the organization without compensation b. A bingo game that is legal where it is played (and played in a jurisdiction where bingo games are not regularly carried on by for-profits) c. Payments for advertising that strongly endorses sponsor's products d. A trade or business carried on by a university primarily for the convenience of its students 19. Which payment (by Big Bank to Big University) is MOST likely to be considered a qualified sponsorship payment? a. A payment whereby Big University agrees to show Big Bank's logo at certain Big University's athletic events b. A payment whereby Big University agrees to broadcast messages containing qualitative language and price information about Big Bank's products and services c. A payment whereby Big University agrees to endorse Big Bank's products and services d. None of the above payments could be a qualified sponsorship paymentStep by Step Solution
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