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U.S.CPA練習題精選：REG 32
The private foundation status of an exempt organization will terminate if it:
a. Is a foreign corporation.
b. Is governed by a charter that limits the exempt purposes.
c. Becomes a public charity.
d. Does not distribute all of its net assets to one or more public charities.
答案：C
Explanation
Choice "c" is correct. The private foundation status of an exempt organization will terminate if it becomes a public (50% type) charity.
Rule: Section 509 private foundations include all Code 501(C)(3) organizations, except:
1.Max 50% charitable deduction donees
2.Broadly publicly-supported organizations
3.Supporting organizations
4.Public safety organizations
Choice "b" is incorrect. A private foundation can have a charter that limits its exempt purpose.
Choice "d" is incorrect. A private foundation is not required to distribute all of its net assets to one or more public charities.
Choice "a" is incorrect. Foreign corporations may qualify as a private foundation.
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