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:
“Character always ... is thus distinct and unrelated to near or trivial objects, whether things or persons.”
—Henry David Thoreau (1817–1862)
“I have said many times, and it is literally true, that there is absolutely nothing that could keep me in business, if my job were simply business to me. The human problems which I deal with every day—concerning employees as well as customers—are the problems that fascinate me, that seem important to me.”
—Hortense Odlum (1892–?)
“There are few sorrows, however poignant, in which a good income is of no avail.”
—Logan Pearsall Smith (1865–1946)
“I come into the peace of wild things
who do not tax their lives with forethought
of grief.”
—Wendell Berry (b. 1934)