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Free tax Publication 542 - Introductory Material Table of Contents Introduction Useful Items - You may want to see: Photographs of missing children. Free tax The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Free tax Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Free tax You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Free tax Introduction This publication discusses the general tax laws that apply to ordinary domestic corporations. Free tax It explains the tax law in plain language so it will be easier to understand. Free tax However, the information given does not cover every situation and is not intended to replace the law or change its meaning. Free tax Note. Free tax This publication is not revised on an annual basis. Free tax To find changes that may affect current year returns, see the instructions for your income tax return for the current year; and Changes to Current Forms and Publications at www. Free tax irs. Free tax gov/formspubs. Free tax Comments and suggestions. Free tax We welcome your comments about this publication and your suggestions for future editions. Free tax You can write to us at the following address: Internal Revenue Service Business, Exempt Organizations and International Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. Free tax NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Free tax Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Free tax You can email us at *taxforms@irs. Free tax gov (The asterisk must be included in the address). Free tax Please put “Publications Comment” on the subject line. Free tax You can also send us comments at www. Free tax irs. Free tax gov/formspubs/. Free tax Select “Comment on Tax Forms and Publications” under “Information about. Free tax ” Although we cannot respond individually to each comment, we do appreciate your feedback and will consider your comments as we revise our tax products. Free tax Tax questions. Free tax If you have a tax question, visit IRS. Free tax gov or call 1-800-829-1040. Free tax We cannot answer tax questions at either of the addresses listed above. Free tax Ordering forms and publications. Free tax Visit www. Free tax irs. Free tax gov/formspubs to download forms and publications, call 1-800-829-3676, or write to the National Distribution Center at the address shown under How to Get Tax Help, later in this publication. Free tax Additional forms. Free tax A list of other forms and statements that a corporation may need to file is included at the end of this publication. Free tax Useful Items - You may want to see: Publication 510 Excise Taxes (Including Fuel Tax Credits and Refunds) 535 Business Expenses 538 Accounting Periods and Methods 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 925 Passive Activity and At-Risk Rules 946 How to Depreciate Property Prev Up Next Home More Online Publications
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Free tax 1. Free tax 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). Free tax 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). Free tax In addition, the following are subject to the tax on unrelated business income. Free tax 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). Free tax State and municipal colleges and universities. Free tax Qualified state tuition programs. Free tax Medical savings accounts (MSAs) described in section 220(d). Free tax Coverdell savings accounts described in section 530. Free tax U. Free tax S. Free tax instrumentalities. Free tax A corporation that is a U. Free tax S. Free tax 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. Free tax Colleges and universities. Free tax 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. Free tax 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). Free tax The tax is on the unrelated business income of both the universities and colleges themselves and on their wholly owned tax exempt subsidiary organizations. Free tax It is immaterial whether the business is conducted by the university or by a separately incorporated wholly owned subsidiary. Free tax If the business activity is unrelated, the income in both instances will be subject to the tax. Free tax 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. Free tax Title-holding corporations. Free tax 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. Free tax 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. Free tax However, if the source of the income is not so related, the title-holding corporation is subject to unrelated business income tax. Free tax Example. Free tax X, a title-holding corporation, is required to distribute its net income to A, an exempt organization. Free tax During the tax year, X realizes net income of $900,000 from source M, which is related to A's exempt function. Free tax X also receives $100,000 from source N, which is not related to A's exempt function. Free tax X and A file a consolidated return for the tax year. Free tax X has unrelated business income of $100,000. Free tax Prev Up Next Home More Online Publications