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Calculate the initial tax and additional tax

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Reference no: EM131819411

Question - Egret, INC., A PRIVATE FOUNDATION, HAS BEEN IN EXISTENCE FOR 10 YEARS. DURING THIS PERIOD, Egret has been unable to satisfy the requirements for classification as a private operating foundation. At the end of 2010, it had undistributed income of $320000. Of this amount, $170000 was distributed in 2011, and $150000 was distributed during the first quarter of 2012. The IRS deficiency notice was mailed on august 1, 2013.

a. Calculate the initial tax for 2010, 2011, and 2012.

b. Calculate the additional tax for 2013.

Reference no: EM131819411

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