Can you help with the following questions?

Can you help with the following questions? Thanks in advance.

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)

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 payment

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