_____ Under FAS 116, which of the following is not a condition to be satisfied for the nonrecognition of contributed collection items?
A) The collection must be held for public exhibition, education, or research in furtherance of public service rather than for financial gain.
B) The collection must be protected, cared for, and preserved.
C) The collection must be kept unencumbered.
D) The nonprofit organization must have an organizational policy requiring the proceeds from sales of collection items to be used to acquire other items for collections.
E) None of the above.

Question

_____	Under FAS 116, which of the following is not a condition to be satisfied for the nonrecognition of contributed collection items?
A) The collection must be held for public exhibition, education, or research in furtherance of public service rather than for financial gain.
B) The collection must be protected, cared for, and preserved.
C) The collection must be kept unencumbered.
D) The nonprofit organization must have an organizational policy requiring the proceeds from sales of collection items to be used to acquire other items for collections.
E) None of the above.

Quizplus · Accepted Answer

Under FAS 116, all the listed conditions (A, B, C, D) are actually requirements for the nonrecognition of contributed collection items. Therefore, none of the options listed is an incorrect condition, making E the correct choice.

_____ Under FAS 116, Which of the Following Is Not a Condition