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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?

Respuesta :

holesstanham

Answer:

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.

untoldwonders

Answer:

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."

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