Helpers, Inc., a qualifying § 501(c)(3) organization, incurs lobbying expenditures of $333,000 for the taxable year and grass roots expenditures of $0. Exempt purpose expenditures for the taxable year are $2,220,000. Helpers elects to make limited lobbying expenditures. Click here to access Exhibit 15.3. If required, round your answers to nearest dollar. a. What amount of lobbying expenditures is Helpers allowed to make tax-free under the terms of the election? $fill in the blank 1 b. What is its tax liability as a result of the election?

Helpers, Inc., a qualifying § 501(c)(3) organization, incurs lobbying expenditures of $333,000 for the taxable year and grass roots expenditures of $0. Exempt purpose expenditures for the taxable year are $2,220,000. Helpers elects to make limited lobbying expenditures. Click here to access Exhibit 15.3. If required, round your answers to nearest dollar. a. What amount of lobbying expenditures is Helpers allowed to make tax-free under the terms of the election? $fill in the blank 1 b. What is its tax liability as a result of the election?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter15: Exempt Entities

Section: Chapter Questions

Problem 13CE

See similar textbooks

Similar questions

Wellness, Inc., a § 501(c)(3) organization, makes lobbying expendi- tures of $340,000 this year. Charitable expenditures were $600,000 for the first six months of the year and $950,000 for the last six months of the year. Determine the Federal income tax consequences to Wellness if: It does not make the § 501(h) lobbying election. It does make the § 501(h) lobbying election.
As a tax consultant you receive on continuous basis inquiries and tax forms from your clients. Following are independent inquires that you have to check and reply back to your clients. For each enquiry below, Comment on whether the given calculations are correct or not by providing the necessary calculations. a-Government A decided to increase the income tax rate from 12% to 16% in year 2021. The total tax base for the year 2020 is $4,200,000. The government is expecting to collect $169,000 additional revenue in year 2021. Quarter of the individual taxpayers decided to quit. The government collected $ 169,000 additional tax revenue.
GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The Tax shall be Plus Of Excess Over 250,000 250,000 400,000 20% 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000
A taxpayer registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity - Php 20,000,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Operating Expenses - Php 2,000,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation and uses itemized deduction as method of deduction?
A taxpayer registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity - Php 20,000,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Operating Expenses - Php 2,000,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation and uses itemized deduction as method of deduction? CHOICES: Php 480,000 Php 500,000 Php 400,000 Php 600,000
The IRS requires anyone who prepares or assists in preparing federal income tax returns for a fee to: O Apply for, and receive a Preparer Tax Identification Number from the IRS. O Pass a Qualifying Education course that is approved by the California Tax Education Council. Pay an annual fee of $50 to the Internal Revenue Service. O Apply for, and receive a Preparer Tax Identification Number from the California Tax Education Council.