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.

Unrelated business taxable income: It is the taxable income of those organization who are engaged in…

Answered: Fish, Inc., an exempt organization,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.

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