Which of the following statements regarding the unrelated business income tax is correct?
A)Private foundations are not subject to the unrelated business income tax.
B)Bingo games are not subject to the unrelated business income tax if they are conducted by an exempt organization.
C)The exchange or rental of membership lists with other exempt and nonexempt organizations is not an unrelated trade or business.
D)Only a.and c.are correct.
E)None of the statements is correct.

Question

Quizplus · Accepted Answer

Response a.is incorrect because private foundations may be subject to the unrelated business income tax.Response b.is appropriate only if the bingo game is a qualified bingo game.Response c.is correct only if the other organization is an exempt organization.

Which of the Following Statements Regarding the Unrelated Business Income