Question
How does a public charity differ from a private foundation?
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Answer
A public charity has broad public support; a foundation usually does not.
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Question
What happens if an exempt organization fails to file Form 990 for three years?
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Answer
Its exempt status is automatically revoked.
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Question
What makes §501(c)(3) the most tested exempt category?
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Answer
It allows deductible charitable contributions and has the strictest limits.
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Question
What three conditions create unrelated business taxable income?
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Answer
Trade or business, regularly carried on, and not substantially related.
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