Rejoice, Inc., a private foundation, has existed for 10 years. Rejoice held undistributed income of $160,000 at the end of its 2015 tax year. Of this amount, $90,000 was distributed in 2016, and $70,000 was distributed during the first quarter of 2017. The IRS mailed a deficiency notice to Rejoice on August 1, 2018.
a. What is Rejoice's initial tax on the 2015 undistributed taxable income for 2016? For 2017?
b. Express the 2017 tax computation as an Excel formula.
c. What is Rejoice's additional tax for 2018?