The Key Factors in Determining Whether an Exempt Entity's Income

question 36

True/False

The key factors in determining whether an exempt entity's income from a bingo game is unrelated trade or business income are whether substantially all the work is performed by volunteers and all of the prizes to be awarded are received as donations.

---

Definitions:

Transaction

An agreement between a buyer and a seller to exchange goods, services, or financial instruments.

Evidence

Information or details that provide proof or support for assertions, decisions, or beliefs.

New Account

An account that has been recently opened in the financial books of a business or an individual's newly established account with a financial institution.

Transaction

An event or agreement between two or more parties that has a financial impact on the business.