A 21 Percent Excise Tax Is Imposed on Compensation in Excess

question 23

Multiple Choice

A 21 percent excise tax is imposed on compensation in excess of a certain dollar amount paid to a covered employee by an exempt organization.A 1.4 percent excise tax applies to the net investment income of private colleges and university with at least 500 students and assets of at least a certain dollar amount per student.What are these dollar amounts, respectively?

• A)$1,000,000; $500,000
• B)$500,000; $1,000,000
• C)$5,000,000; $250,000
• D)$500,000; $2,000,000

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Definitions:

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