Which of the following 1s not an example of an exempt organization?
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- What is the best definition of an S Corporation? A. Type of nonprofit that is not required to pay certain types of taxes B. Private-public corporation that meets certain requirements for tax exemption C. Type of for-profit business that also has a social mission D. Type of corporation with pass-through taxation on incomeThe non-profit institution must satisfy the following requisites to be a qualified donee that is exempt from donor's tax, exceptWhich of the following is tax exempt on its income earned as such? Religious corporation organized as non-stock Non-stock, non-profit educational institution Government educational institution Government owned and controlled corporation
- Which of the following is likely not a type of not-for-profit entity? A. public library B. community foundation C. university D. local movie theaterHow are federal, state, and local income taxes collected by the government? Consider the cases of an employee and a self-employed taxpayer.A governmental agency can best be described by which of the following statements? A. has a primary purpose of making a profit B. has a primary purpose of using taxpayer funds to provide services C. produces goods for sale to the public D. has regular shareholder meetings
- Is it ethical for state and city governments to entice specific businesses to relocate their operations to that state or city by offering them special tax breaks that are not extended to other businesses operating in that area?Which statement below best describes the entities that can accept donations from the public and provide donors with documentation to allow them to claim a tax deduction in respect of their donation? a. A local state school. b. A private hospital. c. Only entities classified as a deductible gift recipient (DGR) as they meet the necessary requirements to be registered by the ATO. d. Any not for profit organisation.Which of the following is not considered a purpose of taxation? A. To regulate B. To make the poor poorer C. To minimize the adverse effects of certain activities D. To have an equitable distribution of wealth among inhabitants True or False: You are employed. The Income tax on your salary is required to be paid at the Mayor’s Office.