Davis, an officer for a 501(c)(3) organization, receives benefits that are inappropriate in the context of
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Davis, an officer for a § 501(c)(3) organization, receives benefits that are inappropriate in the context of a charitable entity. The excess benefits are determined to be $35,000. Davis does not pay back the organization the excess amount before the first-level tax is due.
a. What amount of first-level taxes are imposed on Davis? On the exempt organization management?
b. What amount of second-level taxes are imposed on Davis?
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Related Book For
South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts
ISBN: 1389
41st Edition
Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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