Final answer:
Hobbs' classification is a Private nonoperating foundation, as explicitly stated. Operating foundations actively manage programs, while nonoperating foundations provide funding to other organizations. Calvin's AGI is irrelevant for classifying Hobbs as a foundation.
Step-by-step explanation:
The main answer to the question is c) Private nonoperating foundation. As given in the student's question, Hobbs is described as a private nonoperating foundation. In the realm of tax classification, private foundations can be further classified as either operating or nonoperating. An operating foundation actively runs programs or services to fulfill its mission, whereas a nonoperating foundation generally does not run its own programs but instead provides funding to other organizations to carry out such work. Since Hobbs is described specifically as a nonoperating foundation, this provides clear information for its classification.In terms of taxation and legal status, private foundations are required to pay a nominal excise tax on their net investment income and are subject to other strict regulations, including minimum distribution requirements where they must distribute a certain percentage of their funds annually for charitable purposes. The fact that Calvin's AGI is $100,000 seems irrelevant to the question about the classification of the foundation.Conclusion: Hobbs' classification as a private nonoperating foundation remains unchanged regardless of the AGI of an individual such as Calvin, which is irrelevant in this context.