To Satisfy the "Not-For-Profit" Requirement for Exempt Status, the Entity

question 117

True/False

To satisfy the "not-for-profit" requirement for exempt status, the entity may not be engaged in a trade or business.

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Definitions:

Prohibited By Statute

Actions or practices that are explicitly disallowed by written laws.

Unenforceable

A term describing a contract or clause that cannot be legally upheld or compelled by a court.

Unlicensed Contractor

An individual or company that performs trade or service work without the necessary legal authorization or permits.

Enforceable

Describes a legal agreement or contract that can be upheld or compelled by law or by a court.