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Question 3 Not yet answered Marked out of 1.00 An entity may...

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Accounting

Question 3
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An entity may be exempt from income tax. Which statement is correct?
An entity may be exempt from income tax. Which statement is correct?
a. Only government bodies are exempt from tax.
b. Exempt bodies are listed in separate tax legislation.
c. Exempt bodies are government and not for profit bodies which must be granted an exemption.
d. An entity is exempt as long as it does not charge fees for any of its services.
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