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Sample Taxation Questions

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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

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Dear Student,

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Below are my answers.

Anna Liza Gaspar

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.