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.
Read more about Unrelated Business Income Tax: Requirements, Tax Rate, UBIT in An IRA, See Also
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 (19271980)
“Every expansion of government in business means that government in order to protect itself from the political consequences of its errors and wrongs is driven irresistibly without peace to greater and greater control of the nations press and platform. Free speech does not live many hours after free industry and free commerce die.”
—Herbert Hoover (18741964)
“Some rough political choices lie ahead. Should affirmative action be retained? Should preference be given to people on the basis of income rather than race? Should the system beand can it bescrapped altogether?”
—David K. Shipler (b. 1942)
“...many tax collectors and sinners were also sitting with Jesus.”
—Bible: New Testament, Mark 2:15.