What is the initial tax on the undistributed taxable income

Assignment Help Taxation

Reference no: EM13944267

Rejoice, Inc., a private foundation, has existed for 10 years. During this pe- riod, Rejoice has been unable to satisfy the requirements for classification as a private operating foundation. At the end of 2013, it had undistributed income of $160,000. Of this amount, $90,000 was distributed in 2014, and $70,000 was distrib- uted during the first quarter of 2015. The IRS mailed a deficiency notice to Rejoice on August 1, 2016.

a. What is the initial tax on the 2013 undistributed taxable income for 2014? In 2015?

b. What is the additional tax for 2016?

Reference no: EM13944267

Questions Cloud

A plate and frame filter press, filtration area : Estimate the cost of the following items of equipment: a. A packaged boiler to produce 20,000 kg/h of steam at 40 bar

B2b companies comes to social media : Maersk Line are one of the most famous B2B companies comes to Social media when it. Based on our discussion in class analyse their use of multiple channels and suggest improvements.

Which of the ways of knowing makes the most sense to you : Which of the ways of knowing makes the most sense to you (compared to people like Descartes, William James, William Cliford etc)? Why? Which makes the least sense? Why?

Corresponding nominal annual interest rate : If the effective equivalent annual interest rate is 22.2%, and interest is compounded quarterly, what is the corresponding nominal annual interest rate?

What is the initial tax on the undistributed taxable income : What is the initial tax on the 2013 undistributed taxable income for 2014? In 2015? What is the additional tax for 2016?

Search the web to find out at least 2 examples of web sites : Also find out 2 examples of websites that do not follow the 3 rules of error messaging

Planning future marketing activity : 1. Review the changing perspectives in marketing planning. 2. Evaluate an organization's capability for planning its future marketing activity.

Who are the victims of the cybercrimes : Who are the victims of the cybercrimes that are your examples? What sorts of problems do the acts described create for the victims

How can i access a folder in the unix server using this ssh : How can I run the following commands on a remote Linux server using putty or Secure Shell Client (SSH secure Shell)

User Account

All Pages