CA312 Chapter 15 Key Terms
South-Western Federal Taxation 2015: Corporations, Partnerships, Estates and Trusts, 38th Edition
Terms in this set (4)
Exempt organizations, 15-2
An organization that is either partially or completely exempt from Federal income taxation. § 501.
Feeder organization, 15-10
An entity that carries on a trade or business for the benefit of an exempt organization. However, such a relationship does not result in the feeder organization itself being tax-exempt. § 502.
Unrelated business income (UBI), 15-14
Income recognized by an exempt organization that is generated from activities not related to the exempt purpose of the entity. For instance, the gift shop located in a hospital may generate unrelated business income. § 511.
Unrelated business income tax (UBIT), 15-14
Levied on the unrelated business income of an exempt organization.
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