A private not-for-profit entity applies for and receives status as a 501(c)(3) organization. What is the importance
Question:
A private not-for-profit entity applies for and receives status as a 501(c)(3) organization. What is the importance of this tax-exempt status?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (7 reviews)
An organization that receives taxexempt status as a 501c3 entity pays no federal income ...View the full answer
Answered By
Diksha Bhasin
I have been taking online teaching classes from past 5 years, i.e.2013-2019 for students from classes 1st-10th. I also take online and home tuitions for classes 11th and 12th for subjects – Business Studies and Economics from past 3 years, i.e. from 2016-2019. I am eligible for tutoring Commerce graduates and post graduates. I am a responsible for staying in contact with my students and maintaining a high passing rate.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Advanced Accounting
ISBN: 9781260247824
14th Edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
Question Posted:
Students also viewed these Business questions
-
A private not-for-profit entity receives numerous pledges of financial support to be conveyed at various times over the next few years. Under what condition should these pledges be recognized as...
-
Belwood College is a private not-for-profit institution that has tax-exempt status. Which of the following is most likely to be the specific tax-exempt status that Belwood College holds? a. 501(c)(3)...
-
Pel Museum is a private not-for-profit entity. If it receives a contribution of historical artifacts, it need not report the contribution if the artifacts are to be sold and it will use the proceeds...
-
What are the pros and cons of using social media at work? Discuss.
-
A circular post, a rectangular post, and a post of cruciform cross section are each compressed by loads that produce a resultant force P acting at the edge of the cross section (see figure). The...
-
Different procedures/models can be used for troubleshooting network problems. In the Network Academy, Cisco introduced a simplified three-stage troubleshooting process. Explain the process and the...
-
Continuation of Problem 8.7 . Show how indicator variables can be used to develop a piecewise linear regression model with a discontinuity at the join point $t$. Problem 8.7 Piecewise Linear...
-
Using the diagram below, do the following: a. Draw a tree diagram for the scissors. b. Prepare an MRP plan for scissors. Lead times are one day for each component and final scissor assembly, but two...
-
Sonya is selling her jet ski and has the following offers to choose fre 1. $3.500 today OR 2. $1.700 today and $1,900 in 5 months If money carns 6.3% simple interest a. What is the current economic...
-
Write a minimized Boolean equation for the function performed by the circuit in Figure 2.87. C, D A 00 01 10 11 Figure 2.87 Multiplexer circuit
-
A local private not-for-profit entity receives a large monetary pledge. Accountants are attempting to determine if the contribution is conditional. They are assessing the possible existence of a...
-
AB is a private not-for-profit entity. It acquires YZ, another private not-for-profit entity. The acquisition price is $1 million. YZ has net assets with a net book value of $600,000 but a fair value...
-
In each blank next to the following terms, place the identifying letter of its best description. 1. Indirect expenses A. Costs not within a managers control or influence. 2. Controllable costs B....
-
Which capital structure theories does the empirical evidence seem to support?
-
A computer sells for $1,500 U.S. dollars. In the spot market, $1 = 115 Japanese yen. If purchasing power parity holds, what should be the price (in yen) of the same computer in Japan?
-
Explain how asymmetric information and signals affect capital structure decisions.
-
What are three ways to estimate the expected dividend growth rate?
-
Assume that 90-day U.S. securities have a 4.5% annualized interest rate whereas 90-day Swiss securities have a 5% annualized interest rate. In the spot market, 1 U.S. dollar can be exchanged for 1.2...
-
Draw the extensive-form diagram of the Monty Hall three-door game. In this game, the host (player 1) privately selects an envelope in which to put the prize money (A, B or C). The contestant (player...
-
Pearl Medavoy will invest $10,240 a year for 20 years in a fund that will earn 10% annual interest. . If the first payment into the fund occurs today, what amount will be in the fund in 20 years? If...
-
Criticize the following statement: Exchange losses arise from foreign import activities, and exchange gains arise from foreign export activities.
-
When are exchange gains and losses reflected in a businesss financial statements?
-
When are exchange gains and losses reflected in a businesss financial statements?
-
Textile Crafts Company (TCC) sells craft kits and supplies to retail outlets and through online sites such as Etsy.com. Some of the items are manufactured by TCC, while others are purchased for...
-
Find the missing value in the following table. The following financial statement information is from five separate companies. Company Company Company Company Company A B C D E December 31, 2016...
-
Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alphabetical order. For the bank loan, $60,550 is due in 2024. For Notes receivable, $41,500...
Study smarter with the SolutionInn App