The Four Corners Theater’s mission is to increase access to the arts for the community of Four Corners. The Theater group owns a debt-financed theater and puts on several plays throughout the year, as well as providing facilities for many other activities. Four Corner’s Theater is a well-established, not-for profit organization exempt under IRC Sec. 501(c)(3).
Identify whether the following activities would be subject to unrelated business income tax (UBIT) and explain why or why not.
- Rental of the facility to the high school drama club.
- Fees for summer acting classes for primary school students.
- Sale of tickets to plays put on by the Four Corner’s Theater group.
- Sale of season ticket membership list to a local book store.
- Rental of two apartments in the facility.
- Rental of meeting space to other local 501(c)(3) organizations for their monthly meetings.
- Internet sales of gift shop items with the Four Corner’s Theater logo.
- Lease of the facility’s parking lot to the local university on football game days.
- Write a paper of 4-6 pages in length, not counting the title and reference pages, which you must include.
- Use terms, evidence, and concepts from class readings, including professional business language.
- Cite at least three credible, academic, or professional sources for this assignment, outside of the textbook. The CSU-Global Library (Links to an external site.) is a great place to find resources.
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