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Exercise 15-10 (Algorithmic) (LO. 3) Helpers, Inc., a qualifying 501(c)(3) organization, incurs lobbying expenditures of $366,750 for the taxable year and grass roots expenditures of $0. Exempt purpose expenditures for the taxable year are $2,445,000. Helpers elects to make lobbying expenditures on a limited basis. Click here to access Exhibit 15.2. If required, round your answers to nearest dollar. a. What amount of lobbying expenditures is Helpers allowed to make tax-free under the terms of the election? 272,250 $ b. What is its tax liability as a result of the election? $1 407,375 x c. Select your answer to part (b) as a Microsoft Excel formula. LOBBYTAX=MAX(O.(.25*(LOBBYEXPEND-LOBBYNONTAX)). Feedback Check My Work Certain exempt organizations are permitted to engage in lobbying (but not political) activities that are greater than an insubstantial part of their activities by making a 501(h) election. Eligible for the election are most 501(c)(3) organizations, but not churches. Exercise 15-10 (Algorithmic) (LO. 3) Helpers, Inc., a qualifying 501(c)(3) organization, incurs lobbying expenditures of $366,750 for the taxable year and grass roots expenditures of $0. Exempt purpose expenditures for the taxable year are $2,445,000. Helpers elects to make lobbying expenditures on a limited basis. Click here to access Exhibit 15.2. If required, round your answers to nearest dollar. a. What amount of lobbying expenditures is Helpers allowed to make tax-free under the terms of the election? 272,250 $ b. What is its tax liability as a result of the election? $1 407,375 x c. Select your answer to part (b) as a Microsoft Excel formula. LOBBYTAX=MAX(O.(.25*(LOBBYEXPEND-LOBBYNONTAX)). Feedback Check My Work Certain exempt organizations are permitted to engage in lobbying (but not political) activities that are greater than an insubstantial part of their activities by making a 501(h) election. Eligible for the election are most 501(c)(3) organizations, but not churches