The Excise Tax Imposed on a Private Foundation's Investment Income

question 148

True/False

The excise tax imposed on a private foundation's investment income can be imposed both as an initial (first-level) tax and an additional (second-level) tax.

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Definitions:

Comparative Negligence

A legal doctrine that reduces the amount of damages a plaintiff can recover in a negligence-based claim, based upon the degree to which the plaintiff's own negligence contributed to the cause of their injury.

Assumption Of The Risk

A defense whereby the defendant must prove that the plaintiff voluntarily assumed the risk the defendant caused.

Res Ipsa Loquitur

A doctrine in tort law implying negligence inferred from the nature of an accident or injury, without direct proof.

Direct Evidence

Information or testimony that directly proves a fact, without needing inference or assumptions.