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Salmon, Inc., a private foundation, has existed for 8 years. During this period, Salmon has been unable to satisfy the

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Salmon, Inc., a private foundation, has existed for 8 years. During this period, Salmon has been unable to satisfy the requirements for classification as a private operating foundation. At the end of 2013, it had undistributed income of $350,000. Of this amount, $185,000 was distributed in 2014, and $165,000 was distributed during the first quarter of 2015. The IRS mailed a deficiency notice to Salmon on August 1, 2016.

a. Calculate the initial tax for 2013, 2014, and 2015.

b. Calculate the additional tax for 2016.

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a The initial tax applies for Salmon for the 2013 undistributed taxab…View the full answer


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South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts

South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts

ISBN: 9781305399884

39th Edition

Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young

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Question Posted: September 09, 2015 07:05:36
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