Discuss the concept of unrelated business income tax

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Reference no: EM131624208

You are the financial manager for a museum and are in charge of compiling the financial information needed to prepare the annual tax return. The museum recently hired a new boss who tells you to include in income all sales from the museum, including those made in the gift shop. You mention the fact that you are aware the income from the gift shop is unrelated to the tax-exempt mission of the museum and suggest that it be reported separately as has been done in prior years but your new boss dismisses your concerns.

How could you, as the manager, present this information more clearly to your new boss? In your post, be sure to discuss the concept of unrelated business income (UBI) and unrelated business income tax (UBIT). Be sure to note your source and in-text citation in APA format.

Reference no: EM131624208

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