You have recently discovered that a local business has been designated 501(c)(3). Which of the following must be true?(1 point)

Question

Responses

The business has federal tax exemptions.
The business has federal tax exemptions.

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 is a public charity.
The business is a public charity.

Answer 1

All of the statements must be true.