Question
Please answer correctly Fish, Inc., an exempt organization, reports unrelated business income of $500,000 (before any charitable contribution deduction). During 2022, Fish makes charitable contributions
Please answer correctly
Fish, Inc., an exempt organization, reports unrelated business income of $500,000 (before any charitable contribution deduction). During 2022, Fish makes charitable contributions to other organizations of $54,000, of which $38,000 is associated with the unrelated trade or business.
a. Fish's unrelated business taxable income (UBTI) is $fill in the blank 1.
b. Select from the choices below which one properly expresses the computation in part (a) as a Microsoft Excel formula.
UBTI=UBI_BEFORE-1000-MAX(CHAR,(UBI_BEFORE*.2))UBTI=UBI_BEFORE-1000-MIN(CHAR,(UBI_BEFORE*.1))UBTI=UBI_BEFORE-2000-MAX(CHAR,(UBI_BEFORE*.2))UBTI=UBI_BEFORE-2000-MIN(CHAR,(UBI_BEFORE*.1))UBTI=UBI_BEFORE-1000-MIN(CHAR,(UBI_BEFORE*.1))
c. Assume instead that the charitable contributions are $41,000. The UBTI i
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