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?
Chapter15: Exempt Entities
Section: Chapter Questions
Problem 13CE
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Question
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?
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