You have recently discovered that a local business has been designated 501(c)(3). Which of the following must be true?(1 point)
Responses
The business does not earn profits.
The business does not earn profits.
The business is a private foundation.
The business is a private foundation.
The business has federal tax exemptions.
The business has federal tax exemptions.
The business is a public charity.
1 answer
The business has federal tax exemptions.