Part I. List each excess benefit transaction in Part I, column

(d). Enter the date of the transaction in column (b) and the amount of the excess benefit in column (e). Compute the tax on the excess benefit for disqualified persons and enter it in column (f). Compute any tax on the excess benefit for organization managers and enter the amount in column (g). The organization reporting one or more excess benefit transactions should not carry totals from column (f) or column (g) to Part II, line 6.

An excess benefit transaction is corrected by undoing the excess benefit to the extent possible and taking any additional measures necessary to place the organization in a financial position not worse than that in which it would be if the disqualified person had been dealing under the highest fiduciary standards, except that in the case of any correction of an excess benefit transaction involving a donor advised fund no amount repaid in a manner prescribed by the Secretary may be held in any donor advised fund. In column (c), for each act of excess benefit transaction in Part I, indicate whether the act has been corrected. Answer “Yes,” if correction has been made in whole or in part. Answer “No,” only if the transaction has not been corrected in any way.

• If correction has been made, provide a detailed description of any correction made, and the date of each correction. If correction is partial, explain why complete correction has not been made. If correction is made in more than one transaction, describe each transaction separately.

• If correction has not been made, provide a detailed explanation of why correction hasn't been made and what steps are being taken to make the correction.

For organization managers, the tax is the lesser of 10% of the excess benefit or $20,000. This tax is computed on each transaction.