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3. Medical, Inc., a 501(c)(3) organization a public charity, sells property to its executive director for $125,000. The fair market value of the property is
3. Medical, Inc., a 501(c)(3) organization a public charity, sells property to its executive director for $125,000. The fair market value of the property is $175,000. The organization management participation in the transaction was not willful and reasonable cause exists for the management. Calculate the amount of the excise tax imposed under the intermediate sanctions provision both first level and second level. |
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