City, Inc., an exempt organization, has included among other amounts the following in calculating net unrelated business income of $500,000.
Dividend income$12,000
Interest income6,000
Royalty income15,000
Rent income from equipment25,000
The only expenses incurred associated with these items are rental expenses (which includes depreciation of $10,000) of $15,000. Calculate City, Inc.’s UBTI.
What will be an ideal response?
?
| Net unrelated business income | $500,000 |
| Negative adjustments: | |
| Dividend income | (12,000) |
| Interest income | (6,000) |
| Royalty income | (15,000) |
| Unrelated business taxable income | $467,000 |
Business
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