unrelated business income tax
- Tax levied on the unrelated business taxable income of an exempt organization.
Black's law dictionary. HENRY CAMPBELL BLACK, M. A.. 1990.
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Unrelated Business Income Tax — (UBIT) in the U.S. Internal Revenue Code is the tax on unrelated business income, which comes from an activity engaged in by a tax exempt 26 USCA 501 organization that is not related to the tax exempt purpose of that organization.RequirementsFor… … Wikipedia
unrelated business income — Income recognized by an exempt organization that is generated from activities not related to the exempt purpose of the entity. For instance, the pharmacy located in a hospital often generates unrelated business income. I.R.C. No. 511. In order… … Black's law dictionary
unrelated business income — Income of a tax exempt organization from a trade or business not substantially related to the purpose of the organization which exempts it from income tax. Internal Revenue Code § 512(b)(12) … Ballentine's law dictionary
Unrelated Business Tax Income — Income earned by a tax exempt entity that does not result from tax exempt activities. The entity may owe taxes on this income. Bloomberg Financial Dictionary … Financial and business terms
income tax — a tax levied on incomes, esp. an annual government tax on personal incomes. [1790 1800] * * * Levy imposed by public authority on the incomes of persons or corporations within its jurisdiction. In nations with an advanced system of private… … Universalium
Unrelated Business Taxable Income - UBTI — Income regularly generated by a tax exempt entity by means of taxable activities. This income is not related to the main function of the entity, but is needed to generate a small portion of income. If an investor holds an Individual Retirement… … Investment dictionary
Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 — Effective (Various dates for different provisions) Citations Public Law Public Law 111 312 Stat … Wikipedia
tax exempt entity — USA An entity that is generally exempt from paying federal and state taxes. The entity generally must apply for a federal and state determination that it is exempt from taxes. Certain income of a tax exempt entity may still be subject to tax,… … Law dictionary
business finance — Raising and managing of funds by business organizations. Such activities are usually the concern of senior managers, who must use financial forecasting to develop a long term plan for the firm. Shorter term budgets are then devised to meet the… … Universalium
BUSINESS ETHICS — The Role of Wealth Any discussion of business ethics, within any cultural or religious framework, requires at the very outset a definition of the role of material wealth, financial assets, and other forms of economic possessions. Furthermore,… … Encyclopedia of Judaism