Match the Following Statements

question 43

Short Answer

Match the following statements.
a. Exempt from tax on unrelated business.
b. Inappropriate definition.
c. Exempt organization may be subject to the tax on unrelated business income.
d. Annual information return of an exempt organization that is required to file a return and which is not a private foundation.
e. Appropriate definition.
f. Annual information return of a private foundation.
-The trade or business consists of selling merchandise, and substantially all of the merchandise has been received as gifts or contributions.

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Definitions:

Section 5

Could refer to a specific part of a law or statute, needing further context to accurately define; generally, it's used to denote a particular subsection of legal documentation.

FTC Act

The Federal Trade Commission Act, a law that established the FTC and aims to prevent unfair competition, and deceptive or unfair business practices.

Deception

The act of misleading or concealing the truth to manipulate or cheat, which can be both socially and legally punishable.

Magnuson-Moss Act

A federal law enacted in 1975 aimed at improving consumer protections and warranties on household products and automobiles.