Gray Inc a private foundation reports the following items of
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)
a. Calculate Gray’s net investment income.
b. Calculate Gray’s tax on net investment income.
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