What are the excise taxes imposed on private foundations, and why are they imposed?
The excise taxes imposed on private foundations include the following.
? Tax based on investment income.
? Tax on self-dealing.
? Tax on failure to distribute income.
? Tax on excess business holdings.
? Tax on investments that put the private foundation's assets at risk.
The tax based on investment income effectively is an audit fee, where the chief purpose is to defray IRS expenses. The other taxes restrict the permitted activities of private foundations. By its nature, a private foundation envisions a more narrow definition of the common good (and therefore less broad public support) than other exempt organization.
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Answer the following statements true (T) or false (F)
1. A grand strategy can be established using tools like SWOT analysis and forecasting. 2. Strategy formulation is the process of choosing among different strategies and altering them to best fit the organization's needs. 3. The starting point in establishing a grand strategy is usually an analysis of Porter's competitive forces. 4. Strategy actualization is the term for putting strategic plans into effect.
The general ledger function receives the AP account summary from cash disbursements
Indicate whether the statement is true or false
Assume cash paid to suppliers for the current year is $350,000, merchandise inventory increased by $5,000 during the year, and accounts payable decreased by $10,000 during the year. What was the cost of goods sold for the current year?
a. $335,000 b. $345,000 c. $355,000 d. $365,000
________ is a form of bankruptcy in which the debtor's nonexempt property is sold for cash, the cash is distributed to the creditors, and any unpaid debts are discharged
A) Abusive filing B) Dissolution of debt C) Liquidation D) Reorganization