000			01476nam a22001937a 4500
005			20241028102322.0
008			241028b ph ||||| |||| 00| 0 eng d
022			_a0021-8448
040			_cOCT
100			_aDennis, Anita
240			_aJournal of Accountancy / _hAugust 2024
245			_aWhat not-for-profits need to know about UBIT / _cAnita Dennis
260			_aDurham, NC : _bAICPA & CIMA , _c2024 -
300			_aVol 238 (2) Pages 30-35 : _billustrations ; _c28 cm
500			_aMany not-for-profit organizations dread the unrelated business income tax (UBIT) because it can be a challenge to sort out when a not-for-profit's activities are subject to the tax and when they are not. However, it's important that organizations that qualify as tax-exempt get their arms around UBIT's uncertainties. More than 80,000 exempt organizations filed a 2017 Form 990-T, Exempt Organization Business Income Tax Return, reporting $15.4 billion in taxable income and $871.4 million in tax, according to the most recent IRS statistics. And while more than half of those organizations did not have unrelated business taxable income (UBTI) after subtracting deductions from gross unrelated business income (UBI) and thus did not have a UBIT liability, it is not unusual for Sec. 501 (c) tax-exempte organizations, especially charities, to have a UBIT liability, which can sometimes be an unexpected major expense.
650			_aNot-for-profits
650			_aTax
942			_2ddc _cCR _n0
999			_c9917 _d9917