Learn applicable rules for calculating unrelated business taxable income.
Organizations that are recognized by the IRS as tax-exempt are generally not subject to income tax on their activities. However, the IRS imposes what is called unrelated business income tax on certain activities. Unrelated business income tax is not fatal to an organization's tax-exempt status (and it sometimes makes sense to incur the tax), but a tax-exempt organization should be aware of what it is, how to avoid it, and what the potential consequences are. This presentation will help practitioners identify activities that may cause unrelated business income tax, determine whether any exceptions or modifications apply, and evaluate the risk associated with conducting unrelated trade or business activities. The presentation will also provide information about the applicable rules for calculating unrelated business taxable income.
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Agenda
Does the Activity Constitute an Unrelated Trade or Business?
If the Activity Constitutes an Unrelated Trade or Business, Do Modifications or Exceptions Apply?
Do Unrelated Debt-Financed Rules Apply?
How Does an Organization Compute and Report Unrelated Business Taxable Income?
Risks of Incurring Unrelated Business Taxable Income
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on November 2, 2023.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Emmaline S. Jurgena
Foley & Lardner LLP
- Associate at Foley & Lardner LLP and a member of the firm’s estate planning practice
- Extensive experience in tax-exempt and charitable issues and working with high net worth individuals and families in estate and tax planning
- Experience includes: assisting with initial formation, ongoing administration, tax counseling and tax return preparation, assistance with IRS audits, and litigation for a wide variety of tax-exempt organizations including colleges and universities, hospital systems, religious organizations, museums, private foundations, social welfare organizations, and other tax-exempt and nonprofit organizations; developing comprehensive estate plans to make use of available estate, gift, and generation-skipping transfer (GST) tax exemptions; implementing tax planning for estates, trusts, and beneficiaries, including creation and administration of private foundations, charitable remainder trusts, and tax-advantaged charitable giving; and conducting probate and estate administration and assisting in the resolution of trust administration issues in probate court
- Assisted with transfer and tax planning for $24 million dollar bequest to large charity involving an innovative tax structure with multiple partnerships and redemptions
- Co-Chair, Milwaukee Association for Women Lawyers
- J.D. Degree, University of Chicago Law School; B.A. Degree, summa cum laude, Marquette University
- Can be contacted at 414-297-5178 or [email protected]
Jason J. Kohout
Foley & Lardner LLP
- Partner at Foley & Lardner LLP and chair of the firm’s family offices team
- Assists families and business owners in tax planning, business succession, and philanthropy
- Works extensively with nonprofit organizations in the areas of governance, fundraising and tax exemption matters
- Extensive experience and in-depth knowledge of tax, corporate, and trust law, enabling the provision of creative and practical solutions for clients, particularly those who own businesses, have philanthropic interests, or are involved with nonprofit organizations focused on governance or fundraising
- Co-writer, Tax Chapter, Guide to Wisconsin Nonprofit Law, Wisconsin Bar Association Deskbook
- Co-developed Foley Charitable Academy, a series of presentations to prepare professionals for board service and involvement with nonprofits as pro bono advisors
- J.D. Degree, Harvard Law School; A.B. Degree, Harvard College
- Can be contacted at 414-319-7053 or [email protected]
Richard F. Riley, Jr.
Foley & Lardner LLP
- Tax partner in the Washington, D.C. office of Foley & Lardner, LLP
- Primarily focuses on exempt organization tax law
- Worked extensively with section 501(c)(3) charities including publicly supported organizations and private foundations, health care organizations, social welfare organizations, fraternal beneficiary societies, and numerous other organizations, in transactional planning projects, disputes and ruling projects with the Internal Revenue Service, and tax litigation
- Represents major national tax-exempt industry in reviewing the tax consequences of a range of financial and insurance products, negotiating with the IRS on unrelated business tax issues, and representing the industry in successful test-case litigation in two federal courts
- Provides corporate and tax advice to many tax-exempt political campaign committees, PAC’s, and advocacy groups
- Member of the Section of Taxation of the American Bar Association, where he currently serves as co-chair of the Non-501(c)(3) Subcommittee of the Exempt Organizations Committee
- J.D. degree, with honors, Duke University School of Law; graduate, magna cum laude, Yale University
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