IRS T.D.: Determining Unrelated Trade or Businesses of Exempt Organizations Federal Register Publication Date Set (IRC §512)

IRS sets December 2, 2020, as the publication date in the Federal Register for final regulations regarding how an exempt organization subject to the unrelated business income tax (UBIT) determines if it has more than one unrelated trade or business, and, if so, how the exempt organization calculates unrelated business taxable income (UBTI). The final regulations, originally released November 19, clarify that the definition of “unrelated trade or business” applies to individual retirement accounts, the IRS noted. Additionally, the final regulations provide that inclusions of “subpart F income” and “global intangible low-taxed income” are treated in the same manner as ...