Note the following: (1) If an amount is zero, enter "0" and (2) Assume a 34% income tax rate.
c. In Care, Inc., is a § 501(c)(3) exempt organization. It owns a convenience store and gas pumps, which it received as a bequest from a patron. The store/gas pumps entity is organized as StopBy, a C corporation. Because StopBy is profitable, In Care hires a manager and several employees to run the entity. For the current year, StopBy's profit is $640,000. All of this amount is distributed by StopBy to In Care to use in carrying out its exempt mission.
The Federal tax liability is $.
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