Share
Explore BrainMass

Sample Taxation Questions

1. Which of the following entity types cannot NOT become a 501(c)(3)?

a. A Delaware LLC
b. A Partnership
c. An Illinois Corporation
d. A Charitable Trust

2. Which of the following is most likely true about an Unincorporated Association that was a 501(c)(3)?

a. It was formed by filing its Charter with the applicable Secretary of State
b. It will be taxed like a partnership
c. It cannot qualify as a public charity
d. Its actors have more exposure for potential personal liability (as compared to actors of a corporate entity)

3. Which of the following entity types is LEAST likely to be required to submit organizational documents with its Secretary of State?

a. A Trust
b. An LLC
c. A Corporation
d. Each of the above entity types is typically required to submit its organizational documents with its Secretary of State

Solution Preview

Dear Student,

Thank you for using BM.
Below are my answers.

Sincerely,
Anna Liza Gaspar

ANSWERS
Question 1: d. A Charitable Trust
Organizations described in section 501(c)(3) are ...

Solution Summary

This solution provides answers to various sample taxation questions.

$2.19