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8/15/2020
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Course 621001- Fundamentals of Form 990
  Final Exam
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621001v - Fundamentals of Form 990

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Taxation
4 CPE Credit Hours

8/15/2020
Final Exam
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Read 'Chapter 1: ' & answer the following question(s):
1. Which of the following exempt organizations are not required to file Form 990?
2. Which of the following describes exempt organizations that are permitted to file Form 990-EZ?
3. The university operates on a fiscal year beginning July 1st. When is its due date for the 990 return?
4. Which of the following should not be listed as program service revenue for a small liberal arts college?
5. A large university with a budget of $100 million has a July 1-June 30 fiscal year. It filed its 990 return by Nov 15, but reported total contributions net of the amount paid to its professional fundraising firm. What penalties could be levied upon the university?
Read 'Chapter 2: ' & answer the following question(s):
6. A country club received $3 million in dues from its members, $50,000 in initiation fees, $100,000 from public use, and $200,000 from investment income. What amounts are included for a gross receipts test to ascertain the club's exempt status?
7. Which of the following statements describes why the IRS wants information regarding the 5 highest paid independent contractors?
8. Which of the following represent activities that trigger a supplemental schedule as in Part IV, Checklist of Required Schedules?
9. Which of the following statements describes why amounts in Form 990 may not be comparable to the support schedule in Part 1I of Schedule A?
10. How does an organization elect to be covered under §501(h) regarding precise dollar limits on permissible lobbying expenses?
11. What is a related organization referred to in Part IV, Checklist of Required Schedules?
12. Mr. Patron paid $400 to a university for 2 theatre tickets which have a retail value of $200 (a quid pro quo donation). How much is tax-deductible for Mr. Patron?
13. If an organization is not required to file Schedule B, how should this be indicated?
14. An attorney who sits on a board also performs legal services for the organization and charges his normal hourly rate. Where should this transaction be reported?
15. What Line should tax exempt mortgages be reported on?
16. Board designated quasi-endowment funds should be reported on what Line on the Balance Sheet?
17. A college's reservation fees and paid deposits should be reported on what Line?
18. Which of the following is an example what should be included as "Other Assets", Line 58?
19. Vehicle expenses should be reported on what Line or Lines?
20. A private college reported $50,000 on Line 1f of Form 990 as total contributions. Which of the following donations should also be reported in Schedule M?
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