Which of the following statements are correct?
A)If an exempt organization has annual gross receipts of less than $25,000,it need not file Form 990 (Return of Organization Exempt from Federal Income Tax).
B)Private foundations must file Form 990-PF (Return of Private Foundation).
C)If the gross income from an unrelated trade or business is less than $1,000,it is not necessary to file a return associated with the unrelated business income tax.
D)Only a.and c.are correct.
E)a. ,b. ,and c.are all correct.

Question

Quizplus · Accepted Answer

A) If an exempt organization has annual gross receipts of less than $25,000, it is not required to file Form 990. 
B) Private foundations must file Form 990-PF. 
C) If the gross income from an unrelated trade or business is less than $1,000, it is not necessary to file a return associated with the unrelated business income tax. Therefore, choice E is correct, as all three statements are correct.

Which of the Following Statements Are Correct