________ are the only depository institutions that are tax-exempt.
A)Commercial banks
B)Savings and loans
C)Mutual savings banks
D)Credit unions

Question

Quizplus · Accepted Answer

Credit unions are cooperative financial institutions that are owned and operated by their members. They are organized under the Federal Credit Union Act and are not-for-profit entities, so they are exempt from federal income tax. Commercial banks, savings and loans, and mutual savings banks are for-profit institutions and are subject to federal income tax.

________ Are the Only Depository Institutions That Are Tax-Exempt