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(solution) 15. Which private benefit doctrine focuses most on the meaning of


15. Which private benefit doctrine focuses most on the meaning of " insubstantial"?

a. Private Benefit Limitation

b. Inurement Prohibition

c. Excise Tax on Excess Benefit Transactions

d. Each of the above


16. Running afoul of which private benefit doctrine could cause an organization to lose its exempt status?

a. Private Benefit Limitation

b. Inurement Prohibition

c. Excise Tax on Excess Benefit Transactions

d. Any of the above


17. Which private benefit doctrine is most likely to focus on whether one is considered a private shareholder?

a. Private Benefit Limitation

b. Inurement Prohibition

c. Excise Tax on Excess Benefit Transactions

d. Each of the above


18. Which of the following is the most likely reason for an organization to be content with being considered a private foundation?

a. The organization desires that its net investment income be exempt from

federal income taxes

b. The organization plans to obtain its funding from very few sources

c. The organization desires to avoid any limitations on its private business holdings

d. The organization desires to minimize any limitations on donor contributions


19. Which of the following is FALSE about the three private benefit doctrines we covered in our Chat session?

a. The relationship among the three doctrines is extremely clear to tax advisors

b. The three private benefit doctrines are often analyzed because there is not much guidance on what is a "public benefit" or a "charitable class"< /span>

c. Reasonable (and substantiated) salaries to bona fide employees of a 501(c)

(3) are not likely to trigger penalties under the private benefit doctrines

d. Each of the three doctrines is important in its own right


20. " The corporation will not engage in any act of self-dealing as defined in section 4941(d) of the Internal Revenue Code, or the corresponding section of any future tax code."

The above text is most likely from the governing document of what type of organization?

a. A 501(c)(3)

b. A public charity

c. A private foundation

d. Both "a" and "c"


21. Which type of public charity prescribes limits on gross investment income and after-tax UBTI?

a. 509(a)(1)

b. 509(a)(2)

c. 509(a)(3)

d. 509(a)(4)


22. Which type of public charity requires passing a support test?

a. 509(a)(1)

b. 509(a)(2)

c. 509(a)(3)

d. 509(a)(4)


23. Which type of public charity incorporates 170(b)(1)(A)(ii) of the Internal

Revenue Code?

a. 509(a)(1)

b. 509(a)(2)

c. 509(a)(3)

d. 509(a)(4)


24. Which type of public charity utilizes the facts-and-circumstances test?

a. 509(a)(1)

b. 509(a)(2)

c. 509(a)(3)

d. 509(a)(4)

 


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