hich statement below best describes the entities that can accept donations from the public and provide donors with documentation to allow them to claim a tax deduction in respect of their donation? a. A local state school. b. A private hospital. c. Only entities classified as a deductible gift recipient (DGR) as they meet the necessary requirements to be registered by the ATO. d. Any not for profit organisation.

hich statement below best describes the entities that can accept donations from the public and provide donors with documentation to allow them to claim a tax deduction in respect of their donation? a. A local state school. b. A private hospital. c. Only entities classified as a deductible gift recipient (DGR) as they meet the necessary requirements to be registered by the ATO. d. Any not for profit organisation.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 9DQ

See similar textbooks

Related questions

Q: How does a recipient not-for-profit entity record the receipt of a gift that will be transferred…

A: A not-for-profit organization, often known as an NFPO, is an organization that does not generate a…

Q: Regarding Nonprofit Accounting, are there rules/policies regarding source documents and receipts for…

A: Not-for-profit bookkeeping alludes to the remarkable arrangement of recordation and detailing that…

Q: 4. SMEs account for government grants as follows (choose the incorrect statement): a. A grant that…

A: ''Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: 1. How does a recipient not-for-profit entity record the receipt of a gift that will be transferred…

A: Introduction :- (1) Gifts to charitable entities are a way to give back to the community and support…

Q: which of the following could be required to file a gst return? a. Chan's clothing store (an…

A: GST stands for Goods and Services Tax. It is a value-added tax levied on the supply of goods and…

Q: Which of the following is tax exempt on its income earned as such? Religious corporation…

A: Second option i.e. Non-stock, non-profit educational institution, is the correct answer.

Q: If there was a gift that would be transferred without restriction to another charity entity, how…

A: Donating Gifts to Charitable Institutions is Quite common in the business world. Donating either in…

Q: Noncash contributions received by a not-for-profit entity should be recognized on the date received…

A: A business is an organization entirely made for earning profits or for fulfilling social needs by…

Q: Which is an example of a fiduciary fund? Group of answer choices a.) a pension fund, where…

A: Fiduciary fund : A fiduciary fund is a fund which is used in accounting of governments where 1. To…

Q: Which of the following charitable contributions is not tax deductible? a.Clothing donated to a…

A: Tax deductible deductions are those allowances and reductions that are deducted for the purpose of…

Q: Which of the following statements relating to qualified transfers for gift tax purposes is not…

A: Gift tax is levied on transfers of property made during one's lifetime from one individual to…

Q: What are the distinguishing charasteristics between a public charity and a private foundation? What…

A: Answer:

Q: Which of the following statements is correct? Multiple Choice A contribution receivable should be…

A: A "contribution receivable" refers to an amount of money or an asset that a not-for-profit…

Q: Which of the following would likely NOT avoid UBIT for an exempt organization? A. The activity is…

A: Unrelated Business Income Tax (UBIT) is a tax imposed by the Internal Revenue Service (IRS) on…

Question

Which statement below best describes the entities that can accept donations from the public and provide donors with documentation to allow them to claim a tax deduction in respect of their donation?

	a.	A local state school.
	b.	A private hospital.
	c.	Only entities classified as a deductible gift recipient (DGR) as they meet the necessary requirements to be registered by the ATO.
	d.	Any not for profit organisation.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

How would a recipient for a not-for-profit entity record the receipt of a gift that will be transferred without restriction to another charitable entity? What if the donor retains the right to revoke or redirect the gift?
If there was a gift that would be transferred without restriction to another charity entity, how would a recipient for a not-for-profit entity record the receipt of that gift? Can the donor retain the right to revoke or redirect the gift?
If there was a gift that would be transferred without restriction to another charity entity, how would a recipient for a not-for-profit entity record the receipt of that gift? Can the donor retain the right to revoke the gift?
Which of the following statements is correct? Endowments are provided as donations which only allow a not-for-profit organization to invest in. other not-for-profit organizations only. Endowments are donations that are received with the provision that it will be invested and only the investment income may be spent by the organization. O Endowments may be restricted and unrestricted funds which must be used in accordance with the wishes of the contributor and only available during the life of the donor. Endowments are unrestricted donations which can be used for any purposes that are consistent with the goals and objectives of the not-for-profit organization.
A private not-for-profit entity sends a direct mail solicitation for monetary donations. Other information is included with the mailing. Under what conditions can the organization report part of the cost of this mailing as a program service cost rather than as purely a fund-raising cost?
**Objective Type Question:** Which of the following is a key requirement for compliance with IRS regulations for tax - exempt status? a) Filing quarterly financial reports with the IRS. b) Limiting the organization's charitable activities to a single geographic region. c) Using tax - exempt funds for personal expenses of the organization's directors. d) Meeting the IRS's criteria for operating exclusively for charitable, educational, or other exempt purposes.
Which of the following statements is true?a. All not-for-profit organizations must include a statement of functional expenses.b. Donor-restricted contributions whose restrictions have been met in the reporting period may be reported as unrestricted support.c. Statements should focus on the individual unrestricted and restricted funds of the organization.d. FASB ASC 958-605 contains requirements that are generally more stringent than those relating to for-profit organizations.
A donor pledges money to the organization but has not paid it yet. The donor does not indicate how the money is to be used. Is this change in net assets with or without donor restrictions?
14) When examining revenue transactions, which of the following transactions is classified as an exchange transaction? A) When a homeowner pays property taxes B) When a university receives a federal grant that mandates a certain type of research activity C) When an aquatic center receives cash for a group swim D) When an employer deducts money for state tax withholding
Under FASB standards, expenses of a not-for-profit organization can only be shown as reductions of net assets without donor restrictions. O True O False
Which of the following characteristics identify a nonprofit as it relates to tax-status? (Choose all that apply.) Select one or more: a. They don't generate profit that gets reinvested into their mission. b. They are governed by a compensated board of directors c. They are primarily funded by membership fees d. They have a mission that is based around serving the public need
All of the listed features or obligations differentiate a registered charity from a private corporation except one. Which one? Ability to issue donors official tax receipts Required to file Form T3010 Charity can incorporate like a private company Requirement to meet annual spending quota