IRS T.D.: Unrelated Business Taxable Income Separately Computed for Each Trade or Business Corrections (IRC §512)

Corrections to final regulations published in the December 2, 2020 Federal Register that provide guidance on how an exempt organization subject to the unrelated business income tax determines if it has more than one unrelated trade or business, and, if so, how the exempt organization calculates unrelated business taxable income, the IRS released February 11. The two documents correct the text of the regulations and the Preamble, respectively. The textual corrections include changes to Treasury Regulations Section 1.512(a)-6(h)(2) by substituting “trade or businesses” for “trade or business” in the third sentence. The Preamble corrections are mostly semantic including, changing ...