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10 November, 09:01

A large not-for-profit organization expended $1,250,000 in direct lobbying during the current year. As long as the $1,250,000 did not exceed 2 percent of the organization's gross receipts, the amount is allowable according to the Internal Revenue Code. True or false?

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  1. 10 November, 09:12
    0
    The correct option is False

    Explanation:

    It is false because Internal Revenue Code is applied to profit-oriented businesses. The Internal Revenue Code is entitled "Tax Imposed." It is the law that imposes a federal income tax on taxable income, and sets forth the amount of the tax to be paid. Therefore, since the organisation is a non-profit in operation, there is no profit-earned - income to impose the IRC on. The Internal Revenue Code has range of taxes for percentages of earnings on "Head of Household & Estates/Trusts."
  2. 10 November, 09:18
    0
    False

    Explanation:

    This statement is false. The fact that the amount the organization donated did not exceed 2 percent of the organization's gross receipts does not mean that this is allowable under the Internal Revenue Code. The Internal Revenue Code is a part of the federal statutory law of the United States. This code is implemented by the Internal Revenue Service.
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