December 11, 2011
IRS and College UBIT
Bloomberg reports that more than 30 universities have had their treatment of possible unrelated trade or businesses reviewed by the IRS, including private schools such as Harvard and Notre Dame and public schools such as Purdue and the University of Texas at Austin. Probably not coincidentially, I noticed in reviewing Notre Dame's latest Form 990-T as part of teaching Not-for-Profit Organizations this term that the amount and sources of unrelated business taxable income had increased significantly since I had last taught the class (did I mention how much I like having tenure?).
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