Unrelated Business Income Tax (UBIT) in the U.S. Internal Revenue Code is the tax on unrelated business income, which comes from an activity engaged in by a tax-exempt 26 USCA 501 organization that is not related to the tax-exempt purpose of that organization.
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Famous quotes containing the words unrelated, business, income and/or tax:
“Art and ideology often interact on each other; but the plain fact is that both spring from a common source. Both draw on human experience to explain mankind to itself; both attempt, in very different ways, to assemble coherence from seemingly unrelated phenomena; both stand guard for us against chaos.”
—Kenneth Tynan (1927–1980)
“Knighterrantry is a most chuckleheaded trade, and it is tedious hard work, too, but I begin to see that there is money in it, after all, if you have luck. Not that I would ever engage in it, as a business, for I wouldn’t. No sound and legitimate business can be established on a basis of speculation. A successful whirl in the knighterrantry line—now what is it when you blow away the nonsense and come down to the cold facts? It’s just a corner in pork, that’s all.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“I know everybody’s income and what everybody earns,
And I carefully compare it with the income-tax returns;”
—Sir William Schwenck Gilbert (1836–1911)
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—Alexis de Tocqueville (1805–1859)