Saint Bernard University is registered with SEC as a non-stock and non-profit educational institution. STATEMENT 1: Accordingly, it is granted with automatic tax exemption by the law on its income earned as such institution. STATEMENT 2: The nature of activities of the university determines whether its income is tax exempt or not. True, True False, False True, False False, True
Saint Bernard University is registered with SEC as a non-stock and non-profit educational institution. STATEMENT 1: Accordingly, it is granted with automatic tax exemption by the law on its income earned as such institution. STATEMENT 2: The nature of activities of the university determines whether its income is tax exempt or not. True, True False, False True, False False, True
Chapter22: S Corporations
Section: Chapter Questions
Problem 9BCRQ
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Saint Bernard University is registered with SEC as a non-stock and non-profit educational institution. STATEMENT 1: Accordingly, it is granted with automatic tax exemption by the law on its income earned as such institution. STATEMENT 2: The nature of activities of the university determines whether its income is tax exempt or not.
True, True
False, False
True, False
False, True
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