Which of the following are consequences of tax-exempt status?
A)Not necessary to file a Federal income tax return.
B)Generally exempt from Federal income tax.
C)Contributions to the exempt organization always are deductible by the donor.
D)Only a.and b.
E)a.,b.,and c.

Question

Quizplus · Accepted Answer

Most exempt organizations are required to file an annual information return on Form 990 (item a.).While contributions to most exempt organizations are deductible by the donor,contributions to some exempt organizations (e.g.,PGA,NFL)are not deductible (item c.).

Which of the Following Are Consequences of Tax-Exempt Status