The board of directors of Teton Pearl, Inc., a private foundation, consists of Charlyne, Beth, and Carlos. They vote unanimously to provide a $500,000 grant to Carlos. The grant is to be used for travel and education and does not qualify as a permitted grant to individuals (i.e., it is an act of self-dealing).

a. Calculate the initial tax imposed on Teton Pearl.

b. Calculate the initial tax imposed on the foundation manager (i.e., board of directors).

c. Express the computation in part (b) as a Microsoft Excel formula.