Which of the following statements regarding a private foundation is not correct?
A) Only certain exempt organizations are classified as private foundations.
B) A donor who makes a contribution to a private foundation has identical tax consequences as a donor who makes a contribution to a public charity.
C) A private foundation may be subject to certain excise taxes because it is a private foundation.
D) A church is not a private foundation.
E) All of the statements are correct.
Correct Answer:
Verified
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