2016年美国CPA模拟试题：Regulation（三）

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The private foundation status of an exempt organization will terminate if it:

a. Is a foreign corporation.

b. Is governed by a charter that limits the exempt purposes.

c. Becomes a public charity.

d. Does not distribute all of its net assets to one or more public charities.

答案：C

Explanation

Choice "c" is correct. The private foundation status of an exempt organization will terminate if it becomes a public (50% type) charity.

Rule: Section 509 private foundations include all Code 501(C)(3) organizations, except:

1. Max 50% charitable deduction donees

2. Broadly publicly-supported organizations

3. Supporting organizations

4. Public safety organizations

Choice "b" is incorrect. A private foundation can have a charter that limits its exempt purpose.

Choice "d" is incorrect. A private foundation is not required to distribute all of its net assets to one or more public charities.

Choice "a" is incorrect. Foreign corporations may qualify as a private foundation.

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