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I need help withthis assignment ittwo corporate tax question. Chapter 15 & 16 Chapter 15 Question 33 Falcon Basketball League, an exempt organization, is a
I need help withthis assignment ittwo corporate tax question.
Chapter 15 & 16 Chapter 15 Question 33 Falcon Basketball League, an exempt organization, is a youth basketball league for children ages 12 through 14. The league has been in existence for 30 years. In the past, revenue for operations has been provided through community fund-raising and the sale of snacks at the games by the parents Cue to a projected revenue shortfall of approximately $5,000; the governing board has decided to charge admission to the basketball games of $1.00 for adults and $.50 for children. a. Will the admission charge affect Falcon's exempt status? Explain. b. What are the tax consequences to Falcon of the net income from snack sales and the new admission fee? c. As the volunteer treasurer of the Falcon League, prepare a memo for the board in which you explain the effect, if any, of the admission fee policy on Falcon's exempt status. Chapter 16 Question 38 Fiona, a regional sales manager, work from her office in Sate U. Hr region includes several states, as indicated in the sales report below. Fiona is compensated through straight commissions on the sales in her region and a fully excludable cafeteria plan conveying various fringe benefits to her. Determine how much of Fiona's $250,000 commissions and$75,000 fringe benefit package is assigned to the payroll factor of State U. State Sales Generated Fiona's Time Spent There U $3,000,000 20% V 4,000,000 50% X 8,000,000 30%Step by Step Solution
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