A condominium management association wishing to be treated as a homeowners association and to qualify as an exempt organization for a particular year
a. Need not file a formal election.
b. Must file an election as of the date the association was organized.
c. Must file an election at the beginning of the association's first taxable year.
d. Must file a separate election for each taxable year no later than the due date of the return for which the election is to apply.
Answer: D
Tax
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