Acc 317 Wk 11 Final Exam - All Possible Questions

ACC 317 WK 11 Final Exam - All Possible Questions

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ACC 317 WK 11 Final Exam - All Possible Questions

1. A church is one of the types of exempt organizations. 

True    False

2. While the major objective of the Federal income tax law is to raise revenue, social considerations and economic objectives also affect the tax law. 

True    False

3. All organizations that are exempt from Federal income tax are exempt under § 501(c)(3). 

True    False

4. An exempt entity in no circumstance is subject to Federal income tax. 

True    False

5. An entity satisfies the “not-for-profit” requirement for exempt status if its total expenses for the year exceed its gross income. 

True    False

6. If an organization qualifies for exempt status for Federal income tax purposes, it is exempt from all Federal income taxes. 

True    False

7. Engaging in a prohibited transaction can result in an exempt organization being subject to Federal income tax, but cannot cause it to lose its exempt status unless the exempt organization repeats the prohibited transaction. 

True    False

8. The League of Women Voters is a § 501(c)(3) organization. 

True    False

9. George is running for mayor of Culpepper.  The members of Third Church adamantly oppose his candidacy.  They would like to run a political advertisement in the local newspaper opposing his candidacy.  The newspaper ad would have no effect on Third Church’s exempt status because the ad opposes George; it does not support his opponent. 

True    False

10. An exempt organization that is eligible to elect under § 501(h) to engage in lobbying activities on a limited basis incurs no tax liability from lobbying, if the lobbying expenditures for the tax year do not exceed the lobbying expenditures ceiling. 

True    False

11. While certain § 501(c)(3) organizations can elect to be...