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Form 1040ez More:label_form_201040ez More:taxes

Form 1040ez more:label_form_201040ez more:taxes Publication 925 - Additional Material Prev  Up  Next   Home   More Online Publications
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The Form 1040ez More:label_form_201040ez More:taxes

Form 1040ez more:label_form_201040ez more:taxes 1. Form 1040ez more:label_form_201040ez more:taxes   Organizations Subject to the Tax Table of Contents The tax on unrelated business income applies to most organizations exempt from tax under section 501(a). Form 1040ez more:label_form_201040ez more:taxes These organizations include charitable, religious, scientific, and other organizations described in section 501(c), as well as employees' trusts forming part of pension, profit-sharing, and stock bonus plans described in section 401(a). Form 1040ez more:label_form_201040ez more:taxes In addition, the following are subject to the tax on unrelated business income. Form 1040ez more:label_form_201040ez more:taxes Individual retirement arrangements (IRAs), including traditional IRAs, Roth IRAs, Coverdell IRAs, simplified employee pensions (SEP-IRAs), and savings incentive match plans for employees (SIMPLE IRAs). Form 1040ez more:label_form_201040ez more:taxes State and municipal colleges and universities. Form 1040ez more:label_form_201040ez more:taxes Qualified state tuition programs. Form 1040ez more:label_form_201040ez more:taxes Medical savings accounts (MSAs) described in section 220(d). Form 1040ez more:label_form_201040ez more:taxes Coverdell savings accounts described in section 530. Form 1040ez more:label_form_201040ez more:taxes U. Form 1040ez more:label_form_201040ez more:taxes S. Form 1040ez more:label_form_201040ez more:taxes instrumentalities. Form 1040ez more:label_form_201040ez more:taxes   A corporation that is a U. Form 1040ez more:label_form_201040ez more:taxes S. Form 1040ez more:label_form_201040ez more:taxes instrumentality described in section 501(c)(1) is not subject to the tax on unrelated business income if the corporation is organized under an Act of Congress and, under the Act, is exempt from federal income taxes. Form 1040ez more:label_form_201040ez more:taxes Colleges and universities. Form 1040ez more:label_form_201040ez more:taxes   Colleges and universities that are agencies or instrumentalities of any government or any political subdivision of a government, or that are owned or operated by a government or political subdivision of a government, are subject to the tax on unrelated business income. Form 1040ez more:label_form_201040ez more:taxes As used here, the word government includes any foreign government (to the extent not contrary to a treaty) and all domestic governments (the United States and any of its possessions, any state, and the District of Columbia). Form 1040ez more:label_form_201040ez more:taxes   The tax is on the unrelated business income of both the universities and colleges themselves and on their wholly owned tax exempt subsidiary organizations. Form 1040ez more:label_form_201040ez more:taxes It is immaterial whether the business is conducted by the university or by a separately incorporated wholly owned subsidiary. Form 1040ez more:label_form_201040ez more:taxes If the business activity is unrelated, the income in both instances will be subject to the tax. Form 1040ez more:label_form_201040ez more:taxes If the primary purpose of a wholly owned subsidiary is to operate or conduct any unrelated trade or business (other than holding title to property and collecting income from it), the subsidiary is not an exempt organization, and this rule does not apply. Form 1040ez more:label_form_201040ez more:taxes Title-holding corporations. Form 1040ez more:label_form_201040ez more:taxes   When an exempt title-holding corporation, described in section 501(c)(2), pays any of its net income to an organization that itself is exempt from tax under section 501(a) (or would pay such an amount except that the expenses of collecting its income exceed the amount collected) and files a consolidated return with that organization, the title-holding corporation is treated, for unrelated business income tax purposes, as organized and operated for the same purposes as the exempt payee organization. Form 1040ez more:label_form_201040ez more:taxes   Thus, a title-holding corporation whose source of income is related to the exempt purposes of the payee organization is not subject to the unrelated business income tax if the holding corporation and the payee organization file a consolidated return. Form 1040ez more:label_form_201040ez more:taxes However, if the source of the income is not so related, the title-holding corporation is subject to unrelated business income tax. Form 1040ez more:label_form_201040ez more:taxes Example. Form 1040ez more:label_form_201040ez more:taxes X, a title-holding corporation, is required to distribute its net income to A, an exempt organization. Form 1040ez more:label_form_201040ez more:taxes During the tax year, X realizes net income of $900,000 from source M, which is related to A's exempt function. Form 1040ez more:label_form_201040ez more:taxes X also receives $100,000 from source N, which is not related to A's exempt function. Form 1040ez more:label_form_201040ez more:taxes X and A file a consolidated return for the tax year. Form 1040ez more:label_form_201040ez more:taxes X has unrelated business income of $100,000. Form 1040ez more:label_form_201040ez more:taxes Prev  Up  Next   Home   More Online Publications