First Americans,Inc.,a § 501(c)(3) organization,operates a museum which depicts the lives of a tribe of Native Americans.It charges an admission fee,but also finances its operations through endowment income,contributions,and gift shop sales.The gift shop is operated by 50 volunteers and the museum is operated by 15 employees.Revenue by source is:
a.Determine the amount of First Americans' unrelated business income (UBI).
b.Determine the amount of First American's unrelated business income tax (UBIT).
Definitions:
Necessary Buffer
A strategic reserve or margin of safety to mitigate risk or unforeseen circumstances, ensuring stability and continuity.
Inventory
The items or goods a business holds for the purpose of sale or production, including raw materials, work-in-progress, and finished goods.
Setup
An overhead activity that consists of changing tooling in machines in preparation for making a new product.
Preparing Operation
The process of getting equipment, systems, or procedures ready for use or execution in a business context.
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