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What is Rejoice additional tax

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Reference no: EM132650306

Problem - Rejoice, Inc., a private foundation, has existed for 10 years. Rejoice held undistributed income of $160,000 at the end of its 2017 tax year. Of this amount, $90,000 was distributed in 2018, and $70,000 was distributed during the first quarter of 2019. The IRS mailed a deficiency notice to Rejoice on August 1, 2020, relating to the entity's undistributed income.

Required -

a. What is Rejoice's initial tax on the 2017 undistributed taxable income for 2018? For 2019?

b. Express the 2018 tax computation as a Microsoft Excel formula.

c. What is Rejoice's additional tax for 2020?

Reference no: EM132650306

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