Which of the Following Is Not True About Not-For-Profit Corporations

question 4

Multiple Choice

Which of the following is not true about not-for-profit corporations:

• A)formed to serve some public purpose rather than financial gain
• B)exempt from paying income taxes if its purpose is religious,educational, scientific or literary and its revenues are less than $1 million
• C)those who contribute to not-for-profit corporations can take a tax deduction
• D)there are more than 1.5 million not-for-profit organizations in the U.S.

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Definitions:

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