Which of the following statements are correct?
A) If an exempt organization has annual gross receipts of less than $50,000, it does not file Form 990 (Return of Organization Exempt from Federal Income Tax).
B) Private foundations must file Form 990-PF (Return of Private Foundation).
C) If the gross income from an unrelated trade or business is less than $1,000, it is not necessary to file a return associated with the unrelated business income tax.
D) Only a. and c. are correct.
E) a., b., and c. are all correct.

Question

Quizplus · Accepted Answer

Exempt organizations with gross receipts under $50,000 file Form 990-N instead of Form 990. Private foundations must file Form 990-PF. If unrelated business income is less than $1,000, no return is required.

Which of the Following Statements Are Correct