Salmon inc a private foundation has existed for 8 years


Salmon, Inc., a private foundation, has existed for 8 years. During this period, Salmon has been unable to satisfy the requirements for classification as a private operating foundation. At the end of 2013, it has undistributed income of $350,000. Of this amount, $185,000 was distributed in 2014, and $165,000 was distributed during the first quarter of 2015. The IRS mailed a deficiency notice to Salmon on August 1, 2016.

a) Calculate the initial tax for 2013, 2014, and 2015.

b) Calculate the additional tax for 2016.

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Financial Accounting: Salmon inc a private foundation has existed for 8 years
Reference No:- TGS01655179

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