Discuss the concept of unrelated business income

Assignment Help Financial Management

Reference no: EM133402127

Questions:

1. Describe the similarities and differences between other nonprofit organizations and government organizations based on the research of the GASB standards. Give an example of the differences when it comes to financial information as well as operations.

2. The financial manager of a museum and is in charge of collecting the financial information necessary to prepare the annual tax return. The museum recently hired a new manager who tells him to include in income all museum sales, including those made in the gift shop. They bring up the fact that he is aware the income from the gift shop is unrelated to the museum's tax-exempt mission and suggest that it be reported separately as it has been in previous years, but the new boss dismisses the concerns. of the.

How can manage, within the exercise of your managerial position, to present this financial information clearly and completely to his new boss?

It is important to be sure to discuss the concept of Unrelated Business Income (UBI) and the Unrelated Business Income Tax (UBIT).

Reference no: EM133402127

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