Which of the following statements does NOT apply to not-for-profit corporations? O (a) The corporation needs profits to sustain operations. O (b) The corporation must file an annual report with the Internal Revenue Service. O (c) The corporation must meet the tax definition of a charitable organization as defined by the Internal Revenue Service. O (d) The residual earnings of the corporation belong to the owners. O (e) The corporation is generally exempt from income and property taxes.
Which of the following statements does NOT apply to not-for-profit corporations? O (a) The corporation needs profits to sustain operations. O (b) The corporation must file an annual report with the Internal Revenue Service. O (c) The corporation must meet the tax definition of a charitable organization as defined by the Internal Revenue Service. O (d) The residual earnings of the corporation belong to the owners. O (e) The corporation is generally exempt from income and property taxes.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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![Which of the following statements does NOT apply to not-for-profit corporations?
O (a) The corporation needs profits to sustain operations.
O (b) The corporation must file an annual report with the Internal Revenue Service.
O (c) The corporation must meet the tax definition of a charitable organization as defined by the Internal Revenue Service.
O (d) The residual earnings of the corporation belong to the owners.
O (e) The corporation is generally exempt from income and property taxes.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa0bc9ff5-4fd1-4a68-8564-3d0282184e7c%2Ff448b881-c9be-4233-9396-c4b336725dcd%2Fq9t873k_processed.png&w=3840&q=75)
Transcribed Image Text:Which of the following statements does NOT apply to not-for-profit corporations?
O (a) The corporation needs profits to sustain operations.
O (b) The corporation must file an annual report with the Internal Revenue Service.
O (c) The corporation must meet the tax definition of a charitable organization as defined by the Internal Revenue Service.
O (d) The residual earnings of the corporation belong to the owners.
O (e) The corporation is generally exempt from income and property taxes.
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