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An exempt organization is considering conducting bingo games on Thursday nights as a way of...

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Accounting

An exempt organization is considering conducting bingo games on Thursday nights as a way of generating additional revenue to support its exempt pur-pose. Before doing so, however, the president of the organization has come to you for advice regarding the effect on the organizations exempt status and whether the net income from the bingo games will be taxable. Identify the relevant tax issues.

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