Davis, who is related to a § 501(c)(3) organization, receives benefits that are inappropriate in the context of a charitable entity. The excess benefits are determined to be $77,800. Davis does not pay back the organization the excess amount before the first-level tax is due.
a. The first-level taxes imposed are as follows:
On the exempt organization management: $
On Davis: $ .
b. A second-level tax in the amount of $ is imposed on Davis.
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This question was asked on Jul 19, 2016 and answered on Jul 20, 2016 for the course ACC 2205 at College of DuPage.
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