Would it matter if bill was an attorney

Assignment Help Taxation
Reference no: EM13950459

Bill, Ben, and Bob are the only three directors of a non-profit/tax-exempt organization. In 2010, Bill, Ben, and Bob each received $50,000 for their work as directors. In 2011, each received $500,000 for their work as directors. Did the receipt of the $50,000 each in 2010 amount to private inurement to Bill, Ben, and Bob so that the tax exempt status of the organization is in danger? 
Does the significant increase in compensation in 2011 indicate that there is private inurement that endangers the tax exempt status of the organization? 
Would it matter if Bill was an attorney who provided legal services to the organization?

Reference no: EM13950459

Questions Cloud

What total value of the economy''s output in 2015 valued : The GDP deflator differs from the consumer price index in that the GDP deflator includes (Click to select)a small subset of productsall products produced in the economy and weights prices in both the current and reference year in terms of (Click t..
What effect do these items have on her individual tax return : If Pam Epstein is a one-third Wheel shareholder, what effect do these items have on her individual tax return?
What is the significance of proteins : What is the significance of proteins, carbohydrates, fats and fiber in a healthy diet? Why do living organisms need these molecules
Integration of all project processes and practices : In which of the following stages is it determined what the project will entail, when it will be scheduled, whom it will benefit, and what the budget will be?
Would it matter if bill was an attorney : Would it matter if Bill was an attorney who provided legal services to the organization?
Determine the estate tax to be paid by both spencer and sara : Determine the estate tax to be paid by both Spencer and Sara assuming that no credit shelter trusts are employed and that Sara's gross estate is $7,300,000 including the assets inherited from Spencer.
Why can determining gender from a skull be difficult : What is the easiest way to determine the gender (using the skeleton) of an individual, and why? What is the easiest way to tell (using the skeleton) whether a teenager is lying about her/his age, and why? Why can determining gender from a skull be di..
Find who will receive a general legacy from walters estate : Prepare a schedule to determine who will receive a general legacy from Walter's estate and the amount of each legacy.
What is the primary key for each entity : Are there any multivalued attributes shown? If so, discuss how it/they should be handled in the implementation of the relational database.

Reviews

Write a Review

Taxation Questions & Answers

  Aviss taxable income for the year is 300000 and bests

aviss taxable income for the year is 300000 and bests taxable income for the year is 425000. for each of the scenarios

  Questionyou are an independent tax advisor and one of your

questionyou are an independent tax advisor and one of your clients triceratops toys manufacturing limited has provided

  Determining the fringe benefits tax liability

Tax Ties uses the actual method for determining its fringe benefits tax (FBT) liability in relation to meal entertainment benefits.

  Rolston corporation is comparing two different capital

rolston corporation is comparing two different capital structures an all-equity plan plan i and a levered plan plan ii.

  Part a the following section 8-1 as listed below is

part a the following section 8-1 as listed below is described as the cornerstone if the income tax assessment act

  What might prevent helen from waiting to sell

If Helen's marginal tax rate is 35 percent, how much would she save by holding the stock an additional month before selling? What might prevent Helen from waiting to sell?

  What is the tax treatment of the scholarship

What is the tax treatment of the scholarship? Is Andrew required to include it as income on his tax return? Is Andrew eligible for the education credits?

  What is jorge and anitas average tax rate

Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate?

  Indicate the amount taxpayer must include in gross income

For each of the following independent situations, indicate the amount the tax- payer must include in gross income and explain your answer.

  Gordon and his wife pamela have finally decided to

gordon and his wife pamela have finally decided to retire.they set up a chocolate business sixteen years ago when they

  Build a new production plant factory

Concrete & Transport Limited carries on business as a manufacturer and supplier of concrete and concrete products. It also operates a railway to transport material and products to and from port facilities.

  Will stannos be regarded as a resident or non-resident

Nick Stannos arrives in Australia from a European country on 26 January. He rents a small apartment and accepts two jobs. By 30 June he has saved $10,000 and decided to return to Europe permanently.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd