Meaning unrelated business income tax
What does unrelated business income tax mean? Here you find 4 meanings of the word unrelated business income tax. You can also add a definition of unrelated business income tax yourself
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unrelated business income taxTax paid on income earned in an affiliate. Could be paid by a tax-exempt entity as a result of receiving income earned by a profit-making entity.
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unrelated business income taxA tax imposed on income earned by a nonprofit that is unrelated to its exempt purpose.
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unrelated business income taxGenerally, a tax-exempt organization with gross income of $1,000 or more for the year from an unrelated trade or business must file a tax return and pay any tax due. A basic principle that establishe [..]
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unrelated business income taxSection 513 of the Internal Revenue Code defines an "unrelated business" as an activity which is regularly conducted and not substantially related to the purpose for which the nonprofit organization was granted its exempt status. The University is required to report and remit any UBIT to the IRS.
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