Innie Foundation is a non-stock, non-profit entity that is being operated exclusively for charitable purposes. The following transactions are NOT considered transactions made "in the course of trade or business", except: a. Innie Foundation transfers cash from Bank Account A to Bank Account B b. Interest income earned from bank deposits and subjected to final tax c. Receipt of donations and contributions from donors d. Sale of fully-depreciated computer equipment to Seo Enterprises
Innie Foundation is a non-stock, non-profit entity that is being operated exclusively for charitable purposes. The following transactions are NOT considered transactions made "in the course of trade or business", except: a. Innie Foundation transfers cash from Bank Account A to Bank Account B b. Interest income earned from bank deposits and subjected to final tax c. Receipt of donations and contributions from donors d. Sale of fully-depreciated computer equipment to Seo Enterprises
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Innie Foundation is a non-stock, non-profit entity that is being operated exclusively for charitable purposes. The following transactions are NOT considered transactions made "in the course of trade or business", except:
a. Innie Foundation transfers cash from Bank Account A to Bank Account B
b. Interest income earned from bank deposits and subjected to final tax
c. Receipt of donations and contributions from donors
d. Sale of fully-depreciated computer equipment to Seo Enterprises
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