Which of the following is a false statement?

a. An annual information return (Form 990) stating gross income, receipts, contributions, and disbursements is required of most exempt organizations that are exempt from tax.

b. For organizations that normally have less than $50,000 in annual gross receipts, a Form 990 or 990–EZ is not required; however, an electronic postcard (Form 990–N) is filed with the IRS and provides only limited information.

c. An organization operated primarily for the purposes of carrying on a trade or business for profit can claim exemption from tax if all of its profits are payable to exempt organizations.

d. If an organization fails to file the required return for three consecutive years, the tax-exempt status of the organization will be revoked.