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 "$89800." . Davis does not pay back the excess benefits to the organization before the first-level tax is due. a. Apply the rules for the appropriate excise tax intermediate sanction. The first-level taxes imposed are as follows: On the exempt organization management: $fill in the blank 1 On Davi imposed on Davis.s: $fill in the blank 2. b. A second-level tax in the amount of

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 "$89800." . Davis does not pay back the excess benefits to the organization before the first-level tax is due. a. Apply the rules for the appropriate excise tax intermediate sanction. The first-level taxes imposed are as follows: On the exempt organization management: $fill in the blank 1 On Davi imposed on Davis.s: $fill in the blank 2. b. A second-level tax in the amount of

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter23: Exempt Entities

Section: Chapter Questions

Problem 13CE

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Which of the following is not correct? a. Non-stock, non-profit private organizations are not subject to VAT if their income from sales is used for non-profit purposes. b. A VAT registered taxpayer can pass on the VAT even to non-VAT registered buyers. c. Services subject to specific percentage tax shall not be subject to VAT regardless whether their annual gross sales or gross receipts exceed P3,000,000. d. None of the above.
6 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 $70,600. Davis does not pay back the excess benefits to the organization before the first-level tax is due. a. Apply the rules for intermediate sanctions. The first-level taxes imposed are as follows: On the exempt organization management: $fill in the blank 1 On Davis: $fill in the blank 2. b. A second-level tax in the amount of $fill in the blank 3 is imposed on Davis.
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