IRS Prop. Reg.: Determining Unrelated Trades or Businesses (IRC §511)

Proposed rules that would determine if an exempt organization has more than one unrelated trade or business, and, if so, how the it calculates unrelated business taxable income, issued by the IRS April 23. Under the proposed regulations the definition of “unrelated trade or business” applies to individual retirement accounts, the IRS stated. The proposed regulations provide that inclusions of subpart F income and global intangible low-taxed income are treated in the same manner as dividends for purposes of tax code Section 512. Comments must be submitted by June 23 for consideration. [REG-106864-18, RIN 1545-BO79, 85 Fed. Reg. ...