Question

In: Accounting

Political lobbying is one example of an activity a 501(c)(3) not-for-profit organization could get involved in...

Political lobbying is one example of an activity a 501(c)(3) not-for-profit organization could get involved in that may result in monetary fines or a loss of tax-exempt status if the IRS deems the activity excessive. Political activity is another example.

TRUE/FALSE

Solutions

Expert Solution

Political lobbying is one example of an activity a 501(c)(3) not-for-profit organization could get involved in that may result in monetary fines or a loss of tax-exempt status


Related Solutions

Identify a 501(c)(3) not-for-profit organization that you would like to study throughout the course. Identify the...
Identify a 501(c)(3) not-for-profit organization that you would like to study throughout the course. Identify the not-for-profit organization that you have chosen for your final project. Explain why you chose this not-for-profit organization. What appealed to you? Why is this organization a good candidate for the strategic analysis that you will perform for the final project?
Wish, Inc., a § 501(c)(3) organization, pays unreasonable compensation to Renata, the treasurer of Wish. Renata's...
Wish, Inc., a § 501(c)(3) organization, pays unreasonable compensation to Renata, the treasurer of Wish. Renata's compensation is $600,000. Assume that reasonable compensation would be $500,000. a. Apply the rules for intermediate sanctions. Complete the paragraph below that outlines the tax consequences, if any, for Wish, Inc. Wish has engaged in an excess benefit transaction that is subject to excise taxes on the amount of the unreasonable compensation. Under the intermediate sanction rules, they are levied on the disqualified person...
Backache, Inc., a §501(c)(3) organization, received support from the following sources. Medicare for services rendered                     ...
Backache, Inc., a §501(c)(3) organization, received support from the following sources. Medicare for services rendered                      $ 6,300 Medicaid for services rendered                      $ 4,500 Fees from the general public for services           Services rendered ($100/visit)            75,000 Gross investment income                              39,000 Contributions from disqualified persons         26,000 Contributions from other than disqualified           Persons (each gift was $50)                160,000 Total Support                                               $310,800 a. Does Backache satisfy the test for receiving broad public support? Why or why...
Record the journal entry the would be made by a nongovernmental, not-for-profit organization involved in medical...
Record the journal entry the would be made by a nongovernmental, not-for-profit organization involved in medical research. (If no entry is required for a transaction choose "No Journal Entry Required" in the first account field.) 1. The entity received $1,500 in cash contributions. Of that amount, $1,000 is to be used for medical research. 2. The entity received pledges of $700,000 for its endowment fund. All pledges will be collected next year. 3. The entity received donated services of $1,200...
Provide an example of a project, assignment, or in-class activity that could be used as a...
Provide an example of a project, assignment, or in-class activity that could be used as a means of employing multiple assessments of ELLs. Why are multiple assessments important?
Which of the following types of corporations would be unlikely to obtain 501(c)(3) tax exemption? A...
Which of the following types of corporations would be unlikely to obtain 501(c)(3) tax exemption? A charitable organization A church A school A grocery store None of these
Describe some examples of leadership team activity that you get your class involved with when having...
Describe some examples of leadership team activity that you get your class involved with when having a presentation of the book Things Fall apart by China Achebe
Describes mindfulness activity 2. Explains how the activity could be used in their everyday life. 3....
Describes mindfulness activity 2. Explains how the activity could be used in their everyday life. 3. Uses two specific examples from the video to support writing. 4. Uses Standard English grammar and sentence structure. 5. It contains no more than 3 spelling or typographical errors. 6. Uses appropriate headers to organize reflection. 7. Writing demonstrates original thought without an over-reliance on the works of others.
3. Provide one example of the endowment effect. (three to five sentences) 4. Explain economic profit...
3. Provide one example of the endowment effect. (three to five sentences) 4. Explain economic profit and how it is “better” than accounting profit.
Select any one business organization (for-profit organization of your choice). What is the strategy used by...
Select any one business organization (for-profit organization of your choice). What is the strategy used by that organization? What is the mission of that organization? Choose Walmart. **please cite sources. Thank you**
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT