Fish, Inc., an exempt organization, reports unrelated business income of $500,000 (before any charitable contribution deduction). During the year, Fish makes charitable contributions to other organizations of $54,000, of which $38,000 is associated with the unrelated trade or business. Calculate Fish’s unrelated business taxable income (UBTI). Express your computation in part (a) as a Microsoft Excel formula. Assume instead that the charitable contributions are $41,000, of which $38,000 is associated with the unrelated trade or business. Calculate any UBTI.
Fish, Inc., an exempt organization, reports unrelated business income of $500,000 (before any charitable contribution deduction). During the year, Fish makes charitable contributions to other organizations of $54,000, of which $38,000 is associated with the unrelated trade or business. Calculate Fish’s unrelated business taxable income (UBTI). Express your computation in part (a) as a Microsoft Excel formula. Assume instead that the charitable contributions are $41,000, of which $38,000 is associated with the unrelated trade or business. Calculate any UBTI.
Chapter20: Income Taxation Of Trusts And Estates
Section: Chapter Questions
Problem 24P
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Question
Fish, Inc., an exempt organization, reports unrelated business income of $500,000 (before any charitable contribution deduction). During the year, Fish makes charitable contributions to other organizations of $54,000, of which $38,000 is associated with the unrelated trade or business.
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Calculate Fish’s unrelated business taxable income (UBTI).
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Express your computation in part (a) as a Microsoft Excel formula.
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Assume instead that the charitable contributions are $41,000, of which $38,000 is associated with the unrelated trade or business. Calculate any UBTI.
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT