Detailed Answer
(b) The requirement is to determine the correct statement
regarding an exempt organization’s income of $15,000
derived from conducting bingo games. If an exempt organization
derives income from conducting bingo games, in a locality where
such activity is legal, and in a state that confines such activity to
nonprofit organizations, then such income is exempt from the tax
on unrelated business income. Answer (d) is incorrect because
unrelated business income will not cause the revocation or forfeiture
of an organization’s exempt status.