Calculate the amount of federal income tax

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Reference no: EM131970479

Problem

Repair Habitat Inc., a § 501(c)(3) organization, receives the following revenues and incurs the following expenses. Grant from Habitat for All Foundation $150,000 Charitable contributions received 225,000 Expenses in carrying out its exempt mission 300,000 Net income before taxes of Concrete Pour, Inc., a Wholly owned for-profit subsidiary 85,000 Concrete Pour, Inc. remits all of its after-tax profits each year to Repair Habitat. Calculate the amount of Federal income tax, if any, for Repair Habitat and for Concrete Pour.

Reference no: EM131970479

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