In June 2007, the IRS Released a to Clarify the Criteria

question 50

Multiple Choice

In June 2007, the IRS released a to clarify the criteria by which it would determine what is and is not illegal campaign involvement; this included 21 hypothetical examples of activity and a discussion of why each does or does not constitute a violation of the law.

• A) Lobby law
• B) gift rule
• C) new revenue form
• D) Revenue ruling

---

Definitions:

General Partner

A partner in a partnership who has unlimited liability and is responsible for managing the business.

Fiduciaries

Individuals or entities that hold a legal or ethical relationship of trust, requiring them to act in the best interest of the beneficiary.

Operating Agreement

A contract among the members of a Limited Liability Company (LLC) outlining the business's financial and functional decisions.

Transferee

An individual or entity that receives property, rights, or interests from a transferor.