33. Initiate, Inc. a 501 organization, receives the following revenues and incurs the following expenses. Grant from Gates Foundation 70,000 Charitable contributions received 625,000 Expenses in carrying out its exempt mission 500,000 Net income before taxes of landscaping inc. 400,000 a wholly owned for profit subsidiary Landscaping Inc. remits all of its after tax profits each year to Initiate. Calculate the amount of the Federal income tax, if any, for Initiate for Landscaping. 35. 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) Calculate the net investment income. Calculate the tax on net investment income What is the purpose of the tax on net investment income? 45. Fish, Inc. any exempt organization, reports unrelated business income of 500,000 (before any charitable contribution deduction). During the year, Fish makes charitable contributions of 54,000 of which 38,000 are associated with the unrelated trade or business. Calculate Fishs unrelated business taxable income (UBTI). Assume that the charitable contributions are 41,000 of which 38,000 are associated with the unrelated trade of business. Calculate the UBTI