[Patsfan_1284]

Here’s the question: An entity having which of the following characteristics may not be a governmental organization?

t A.

Body corporate and politic

B.

Body corporate and politic or exempt from federal taxation

C.

Exempt from federal taxation

D.

Power to enact and enforce a tax levy

Answer:

Exempt from federal taxation.

Why is that the answer. Aren’t state governmental agencies exempt from Federal tax?

Reg - Passed
Aud - Passed
Bec - Passed
Far - Passed
Ethics - 95!!! Paper work getting submitted first thing on Monday!

The CPA exam is a test of wills, never quit and never doubt yourself.