Gray, Inc., a private foundation, reports the following items of income and deductions.
| Interest income Don't use plagiarized sources. Get Your Custom Essay on gray inc a private foundation reports the following items of income and deductions i 699273 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! | $ 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) |
Gray is not an exempt operating foundation, and it is not eligible for the 1% tax rate.
a. Calculate the net investment income.
b. Calculate the tax on net investment income.
c. What is the purpose of the tax on net investment income?
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