Which of the Following Statements Regarding Exempt Organization Filing Requirements

question 118

Multiple Choice

Which of the following statements regarding exempt organization filing requirements is incorrect?

• A) Churches are required to file Form 990 (Return of Organization Exempt from Income Tax) only if its annual gross receipts exceed $50,000.
• B) The due date for Form 990 (Return of Organization Exempt from Income Tax) is the fifteenth day of the fifth month after the end of the taxable year, whereas for private foundations the due date for Form 990-PF (Return of Private Foundation) is the fifteenth day of the fourth month after the end of the tax year.
• C) Exempt organizations whose annual gross receipts do not exceed $50,000 can file an e-Postcard.
• D) Only a. and b. are incorrect.
• E) a., b., and c. are incorrect.

Understand the concept and purposes of depreciation.

Learn how depreciation is calculated using different methods.

Recognize the importance of the useful life and residual value in depreciation calculations.

Distinguish between financial accounting and tax accounting practices.

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Definitions:

Embodied Cognition

An approach to the study of cognition asserting that cognition is shaped and constrained by the context of the body of the organism experiencing the processing.

Evolutionary Approach

A perspective in psychology that interprets human behaviors and mental processes as adaptations that have evolved to increase survival and reproduction.

Mental Representations

Internal cognitive symbols that represent external reality or abstract concepts, enabling thinking and problem-solving.

Ecological Approach

An Ecological Approach examines individuals in the context of their environment, emphasizing the interaction between people and their surroundings.