The Excise Tax Imposed on a Private Foundation's Excess Business

question 134

True/False

The excise tax imposed on a private foundation's excess business holdings is in effect an audit fee to defray IRS expenses.

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Definitions:

Trypsin

Proteolytic enzyme formed in the small intestine from the inactive pancreatic precursor trypsinogen.

Nucleic Acids

Biomolecules essential for all known forms of life, which include DNA and RNA, responsible for storing and transmitting genetic information.

Enterokinase

Intestinal proteolytic enzyme that converts trypsinogen into trypsin.

Trypsinogen

An inactive enzyme precursor produced in the pancreas, that, once activated to trypsin, plays a key role in the digestion of proteins in the small intestine.