Lois did not itemize deductions on her Year 9 federal income tax return. In July Year 10, Lois received a state income tax refund of $850 plus interest of $15 for overpayment of Year 9 state income tax. What amount of the state tax refund and interest is tax-exempt on Lois’s Year 10 federal income tax return?

Of the following exempt organizations must file annual information returns?

Of the following items, which would cause a permanent book to tax difference?

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

CBI Foundation awarded Karen $65,000 in recognition of lifelong scholarly achievement. Karen was not required to render future services as a condition to receive the $65,000. What condition(s) must have been met for the award to be excluded from Karen’s gross income?

I. Karen was selected for the award by CBI without any action on Karen’s part.
II. Pursuant to Karen’s designation, CBI paid the amount of the award either to a governmental unit or to a charitable organization.

Kent bought Series EE U.S. Savings Bonds after 1989. Redemption proceeds will be used for payment of college tuition for Kent’s dependent child. One of the conditions that must be met for the exemption of accumulated interest on these bonds is that the: