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1040 Ez Instructions1040 ez instructions 1. 1040 ez instructions 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). 1040 ez instructions 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). 1040 ez instructions In addition, the following are subject to the tax on unrelated business income. 1040 ez instructions 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). 1040 ez instructions State and municipal colleges and universities. 1040 ez instructions Qualified state tuition programs. 1040 ez instructions Medical savings accounts (MSAs) described in section 220(d). 1040 ez instructions Coverdell savings accounts described in section 530. 1040 ez instructions U. 1040 ez instructions S. 1040 ez instructions instrumentalities. 1040 ez instructions A corporation that is a U. 1040 ez instructions S. 1040 ez instructions 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. 1040 ez instructions Colleges and universities. 1040 ez instructions 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. 1040 ez instructions 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). 1040 ez instructions The tax is on the unrelated business income of both the universities and colleges themselves and on their wholly owned tax exempt subsidiary organizations. 1040 ez instructions It is immaterial whether the business is conducted by the university or by a separately incorporated wholly owned subsidiary. 1040 ez instructions If the business activity is unrelated, the income in both instances will be subject to the tax. 1040 ez instructions 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. 1040 ez instructions Title-holding corporations. 1040 ez instructions 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. 1040 ez instructions 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. 1040 ez instructions However, if the source of the income is not so related, the title-holding corporation is subject to unrelated business income tax. 1040 ez instructions Example. 1040 ez instructions X, a title-holding corporation, is required to distribute its net income to A, an exempt organization. 1040 ez instructions During the tax year, X realizes net income of $900,000 from source M, which is related to A's exempt function. 1040 ez instructions X also receives $100,000 from source N, which is not related to A's exempt function. 1040 ez instructions X and A file a consolidated return for the tax year. 1040 ez instructions X has unrelated business income of $100,000. 1040 ez instructions Prev Up Next Home More Online Publications
National AIDS Policy Office
Part of the Domestic Policy Council, the National AIDS Policy Office works to reduce the number of new HIV infections in the U.S. through various education initiatives. The office also helps to coordinate the care and treatment of citizens with HIV/AIDS, and also helps to coordinate the U.S. response to the global AIDS pandemic.