1. Which of following reasons is NOT a typical reason for a 501(c)(3) to participate in an unincorporated joint venture with a nonexempt organization?
a. To raise capital
b. To increase the odds of a successful Form 1023 filing
c. To obtain technical expertise
d. To establish relationships
2. Which of following is LEAST likely to be considered a unique characteristic of a joint venture?
a. It is created by contract
b. It is conducted through a separate entity
c. Its co-venturers invest capital and/or services
d. Its co-venturers expose themselves to joint and several liability
3. On what date is a nonprofit corporation (seeking 501(c)(3) status) most likely to be considered "organized" for tax purposes?
a. The date founders agreed to form the corporation
b. The date the corporation's Articles of Incorporation are mailed to the
Secretary of State's Office
c. The date the corporation's Articles of Incorporation are filed by the Secretary
of State's Office
d. The date the corporation's Form 1023 is submitted
4. An established (and traditional) 501(c)(3) university teams up with another organization to develop a distant learning program. What TYPE of joint venture is this
most likely to be considered?
a. A principal exempt function joint venture
b. An ancillary joint venture
c. A support services joint venture
d. A pure investment joint venture
5. Various Miami-area universities decide to combine their investment portfolios. What TYPE of joint venture is this most likely to be considered?
a. A principal exempt function joint venture
b. An ancillary joint venture
c. A support services joint venture
d. A pure investment joint venture
6. A volunteer fire company is most likely organized under Section:
a. 501(c)(1)
b. 501(c)(3)
c. 501(c)(4)
d. 501(c)(7)
7. A club formed for pleasure, recreation, and social activities is most likely organized under Section:
a. 501(c)(1)
b. 501(c)(3)
c. 501(c)(4)
d. 501(c)(7)
8. An organization that promotes its members' common business interests is most likely organized under Section:
a. 501(c)(2)
b. 501(c)(5)
c. 501(c)(6)
d. 501(c)(9)