Question: 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

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 2012, it had undistributed income of $350,000. Of this amount, $185,000 was distributed in 2013, and $165,000 was distributed during the first quarter of 2014. The IRS deficiency notice was mailed on August 1, 2015.
a. Calculate the initial tax for 2012, 2013, and 2014.
b. Calculate the additional tax for 2015.

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