Tax-Exempt Organizations Flashcards
1
Q
UBTI calculation
A
UBI
(Expenses)
($1,000)
= taxable income (corp and trust rates)
2
Q
What are the 2 conditions which disqualify income as UBI?
A
- Intermittent
2. Not conducted with competitive/promotional efforts like commercial business
3
Q
Time frame for filing for exempt status
A
Within 27 months from the end of the month in which they were organized
