Question: this is one question but im just pisting twice show you wrong anwer i got for Part A and B. can someone help me thanks

this is one question but im just pisting twice show you wrong anwer i got for Part A and B. can someone help me thanks  this is one question but im just pisting twice show you
wrong anwer i got for Part A and B. can someone help

Helpers, Inc. a qualifying $501(c)(3) organization, incurs lobbying expenditures of $264,000 for the taxable year and grass roots expenditures of $0. Exempt purpose expenditures for the taxable year are $1,760,000. Helpers elects to make lobbying expenditures on a limited basis. Click here to access Exhibit 23.2. 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? x 264,000 s tox liability as a result of the election? x ir answer to part (b) as a Microsoft Excel formula. MAX (0,(.25(LOBBYEXPEND-LOBBYNONTAX))) 86,000 64000 Work: Certain exempt organizations are permitted to engage in lobbying (but not political) activities that are greater than an insubstantial pat their activities by making a 5501(h) election. Eligible for the election are most 5501(c)(3) organizations, but not churches. Helpers, Inc, a qualifying $501(c)(3) organization, incurs lobbying expenditures of $264,000 for the taxable year and grass roots expenditures of $0. Exempt purpose expenditures for the taxable year are $1,760,000. Helpers elects to make lobbying expenditures on a Iimited basis. Click here to access Exhibit 23.2. 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? 5 x b. What is its tax liability as a result of the election? x 0 ir answer to part (b) as a Microsoft Excel formula. 264,000 352,000 324600 Work 324,600 exempt organizations are permitted to engage in lobbying (but not political) activities that are greater than an insubstant ctivities by making a $501(h) election. Eliglble for the election are most $501(c)(3) organizations, but not churches. Helpers, Inc. a qualifying $501(c)(3) organization, incurs lobbying expenditures of $264,000 for the taxable year and grass roots expenditures of $0. Exempt purpose expenditures for the taxable year are $1,760,000. Helpers elects to make lobbying expenditures on a limited basis. Click here to access Exhibit 23.2. 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? x 264,000 s tox liability as a result of the election? x ir answer to part (b) as a Microsoft Excel formula. MAX (0,(.25(LOBBYEXPEND-LOBBYNONTAX))) 86,000 64000 Work: Certain exempt organizations are permitted to engage in lobbying (but not political) activities that are greater than an insubstantial pat their activities by making a 5501(h) election. Eligible for the election are most 5501(c)(3) organizations, but not churches. Helpers, Inc, a qualifying $501(c)(3) organization, incurs lobbying expenditures of $264,000 for the taxable year and grass roots expenditures of $0. Exempt purpose expenditures for the taxable year are $1,760,000. Helpers elects to make lobbying expenditures on a Iimited basis. Click here to access Exhibit 23.2. 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? 5 x b. What is its tax liability as a result of the election? x 0 ir answer to part (b) as a Microsoft Excel formula. 264,000 352,000 324600 Work 324,600 exempt organizations are permitted to engage in lobbying (but not political) activities that are greater than an insubstant ctivities by making a $501(h) election. Eliglble for the election are most $501(c)(3) organizations, but not churches

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!