Calculate grays net investment income

Reference no: EM13944243

Gray, Inc., a private foundation, reports the following items of income and deductions. Gray is not an exempt operating foundation, and it is not eligible for the 1% tax rate.

Interest income	$ 29,000
Rent income	61,000
Dividend income	15,000
Royalty income	22,000
Unrelated business income	80,000
Rent expenses	(26,000)
Unrelated business expenses	(12,000)

a. Calculate Gray's net investment income.

b. Calculate Gray's tax on net investment income.

Reference no: EM13944243

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