Davis an officer for a sect 501c3 organization receives, Ask an Expert

Accounting

Davis, an officer for a § 501(c)(3) organization, receives benefits that are inap- propriate in the context of a charitable entity. The excess benefits are deter- mined to be $35,000. Davis does not pay back the organization the excess amount before the first-level tax is due.

a. What amount of first-level taxes are imposed on Davis? On the exempt organi- zation management?

b. What amount of second-level taxes are imposed on Davis?

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Taxation, Accounting

Category:- Taxation
Reference No.:- M91615140

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