Theater,Inc

question 120

True/False

Theater,Inc.,an exempt organization,owns a printing company,Printers,Inc.,which remits 85% of its profits to Theater,Inc.Since Printers remits at least 85% of its profits to Theater,neither Theater,Inc.,nor Printers,Inc.,must pay income tax on this $85,000 ($100,000 × 85%).

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Definitions:

Occupation

Pertains to an individual's regular activity or profession that they are trained for and perform for pay.

Affirmative Action

Policies or practices within organizations aimed at increasing opportunities for historically marginalized groups by considering those group memberships in decisions.

Historical Injustice

Refers to wrongs done in the past that have long-lasting effects, often leading to calls for reparations or apologies.

Ethnic Diversity

The presence of a wide range of ethnic groups within a society, contributing to cultural variety and complexity.