Which of the Following Statements Regarding Low-Cost Articles Is Correct

question 157

Multiple Choice

Which of the following statements regarding low-cost articles is correct?

• A) The distribution of low-cost articles can be classified as not being an unrelated trade or business.
• B) For 2014, a low-cost article is one that costs $10.40 or less.
• C) Any contributions received as the result of the distribution of low-cost articles must be included in unrelated business income.
• D) Only a. and b. are correct.
• E) a., b., and c. are correct.

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Definitions:

Billing Purposes

The process or reasons for generating an invoice or bill for services rendered or products provided.

Fractions of Hours

Represents portions of an hour, commonly used to calculate time in precise increments.

Retainer Agreement

A signed document stating that the attorney or the law firm has been hired by the client to provide certain legal services and that the client agrees to pay for those services.

Legal Services

Professional services provided by a licensed lawyer or law firm to advise clients on legal matters and represent them in legal issues.