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Accounting

Help, Inc., a tax-exempt organization, incurs lobbying expenses of $275,000 during the tax year. Help is eligible for and makes the § 501(h) lobbying expenditure election. During the year, Help spends $1,200,000 carrying out its exempt mission.

a. Will the lobbying expense result in Help losing its exempt status?

b. find out the amount of any tax that Help must pay associated with its lobbying expenses.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M991465

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