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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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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