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Problem - Davis, an officer for a § 501(c)(3) organization, receives benefits in the form of an overly generous health insurance plan; these benefits are inappropriate in the context of a charitable entity of its type. The excess benefits are determined to be $35,000. Davis does not pay back the excess benefits to the organization before the first-level tax is due.
Required -
a. Apply the rules for intermediate sanctions. What amount of first-level taxes are imposed on Davis? On the exempt organization management?
b. What amount of second-level taxes are imposed on Davis?
Ken Cascioli and Bill Ryder ( see E15- 10 and E15- 11) want to know the net income for their first month activities. Post the journal entries prepared for E15- 10 and E15- 11 to general ledger T accounts and prepare a trial balance.
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