An IMAX theater run by a 501c3 museum for its exempt purpose is rented out at night to show regular movies not related to the museum exhibits. This activity is not subject to UBIT because it is incidental to the exempt function of the museum? True or False
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- True or False and Please explain.... 1. A parking lot is only open on Saturdays throughout the year. This would be regularly carried on for purposes of UBIT. 2. An IMAX theater run by a 501c3 museum for its exempt purpose is rented out at night to show regular movies not related to the museum exhibits. This activity is not subject to UBIT because it is incidental to the exempt function of the museum.Pel Museum is a private not-for-profit entity. If it receives a contribution of historical artifacts, it need not recognize the contribution if the artifacts are to be sold and it will use the proceeds to:a. Support general museum activities.b. Acquire other items for collections.c. Repair existing collections.d. Purchase buildings to house collectionsPel Museum is a private not-for-profit entity. If it receives a contribution of historical artifacts, it need not recognize the contribution if the artifacts are to be sold and it will use the proceeds to Support general museum activities. Acquire other items for collections. Repair existing collections. Purchase buildings to house collections.
- The Oman Museum is a nonprofit organization or government organization? Why? Explain.Which of the following criteria would suggest that a not-for-profit capitalize its works of art, historical treasures, or similar assets?a. They are held for public inspection, education, or research in furtherance of public service rather than financial gain.b. They are protected, kept unencumbered, cared for, and preserved.c. They are subject to be used in the acquisition of other items for the collection.d. They are held primarily to be resold for financial gain.Which of the following expenses is deductible as an entertainment expense? a.The cost of a hunting camp used to entertain customers. b.The cost of a paintball party for clients paid for by a computer salesman at a computer fair. c.The depreciation on an airplane used to entertain customers. d.The dues of a racquet club used to keep in shape. e.None of these choices are deductible.
- True or False? In order donated a sculpture to the Nasher art museum in Durham, North Carolina. The Nasher art museum is recognized as a “qualified organization” for U.S. tax purposes, and is not considered a private nonoperating foundation. The sculpture, which David purchased in 2009, had a fair market value of $65,000 when donated, and David’s adjusted basis in the sculpture at the time of his donation was $20,000. If the Nasher art museum retains and displays the sculpture, David’s charitable contribution deduction related to the donation of the sculpture is $45,000 (subject to percentage limitations based on David’s AGI).Which of the following activities regularly conducted by a tax-exempt organization will result in unrelated business income?A. Selling items made by persons with disabilities as part of their rehabilitation when the organization is involved exclusively in their rehabilitation.B. Operating a grocery store staffed almost entirely by persons with mental health conditions as part of a therapeutic program.C. Regularly holding a casino night fundraiser that is open to the public but staffed entirely by unpaid volunteers.D. Selling pet boarding and grooming services to the general public when the organization is involved in preventing cruelty to animals.Which one of the following statements is correct with respect to the Building and Personal Property Coverage Form's (BPP) coverage for personal property of others? The BPP specifically excludes coverage for businesses (bailees) that have customers' property in their custody, such as laundries, dry cleaners, appliance repair shops, and furniture upholstery shops. Coverage protects the insured while the property is in or on the building described in the declarations or within 100 feet of either the building or structure, whichever is greater. The BPP covers personal property of others while it is located anywhere in the world. Coverage for personal property of others applies only if the insured is legally responsible for the damage.
- Wizardry Corporation's purpose clause in its charter states, "To operate a home-cleaning service business." After a few years of successful operation, Wizardry is offered the challenge of landscaping a neighboring business. If Wizardry accepts the offer, it would be violating its charter under: O a. the estoppel theory. O b. the de facto doctrine. O c. the de jure doctrine. O d. the ultra vires doctrine.Assume in question (9) that the city does not choose to report the painting on the government-wide financial statements as a capital asset. Must the city report a revenue for the gift?The cost of educating your kid(s) at a private school can be deducted as a charitable contribution only if – (a) the school is affiliated with your church or other religious organization (of which you are an active / regular member). (b) the school is religiously affiliated and the claimed deduction is limited to the properly allocated cost of religious studies only (vs. “reading, writing, arithmetic”). (c) the school is (i) a “charter school” or is similarly licensed by the state board of education or equivalent agency and (ii) formed and exists as a not-for-profit entity under state law. (d) your “kid(s)” is/are under age 18. (e) None of the above statements is true.
