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Calculate the UBIT

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Reference no: EM132429538

Question - A local exempt organization that trains at-risk for employment has an annual operating budget of $300,000, which includes revenue from operating a gift shop in a nearby hotel lobby. Gift shop sales result in a profit of $15,000. The organization has $6,500 endowment income that earns on permanently restricted net assets. The income from both the gift shop and the endowment is used to support the organization's exempt purpose. The balance of $278,500 required for annual operations is provided through public support and charges for services.

Calculate the UBIT if the tax rate is 15% on the first $50,000 of net income and 25% on the next $25,000 of income.

Reference no: EM132429538

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