To Satisfy the Broadly Supported Provision to Avoid Classification as a Private

question 78

True/False

To satisfy the broadly supported provision to avoid classification as a private foundation, the exempt organization must satisfy both an external support test and an internal support test. Under the internal support test, more than one- third of the exempt organization's support for the taxable year must come from gross investment income and unrelated business taxable income.

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Definitions:

Portuguese Man-of-War

A marine cnidarian known for its venomous tentacles, which it uses to capture prey.

Cubozoan

A class of box jellyfish known for their cube-shaped medusae and highly venomous stings.

Colony of Polyps

A group of many individual polyps (small, sessile organisms) that are genetically identical and physically connected, often found in corals.

Cnidaria

A phylum of aquatic invertebrate animals that includes jellyfish, corals, and sea anemones, characterized by a simple body plan with radial symmetry.