Each of the following is subject to the tax on unrelated business taxable income EXCEPT:

a. Coverdell Savings Accounts.
b. Medical savings accounts (MSAs).
c. Rental income that is based upon a percentage of net income of the lessee.
d. Research income for the United States, any of its agencies or instrumentalities, or a state or any of its political subdivisions.

Question

19-03-2020
Business

contestada

Each of the following is subject to the tax on unrelated business taxable income EXCEPT:

a. Coverdell Savings Accounts.
b. Medical savings accounts (MSAs).
c. Rental income that is based upon a percentage of net income of the lessee.
d. Research income for the United States, any of its agencies or instrumentalities, or a state or any of its political subdivisions.

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Answer:

The correct answer is letter "D": Research income for the United States, any of its agencies or instrumentalities, or a state or any of its political subdivisions.

Explanation:

Unrelated Business Taxable Income (UBTI) are levies charged to tax-exempt entities because of the different activities the organization can be subject to. Usually, there are charges when the organization received income from operations that are not related to its regular functions. UBTI applies in the following:

Medical savings accounts (MSAs)
Coverdell savings accounts
Individual Retirement Arrangements (IRAs), traditional IRAs, Roth IRAs, and Simplified Employee Pensions (SEP-IRAs)
State and local colleges and universities

Income from research might be subject to UBTI depending on the case. If the income was generated for research for the U.S., any of its agencies or instrumentalities, or any of its political subdivisions, it is not subject to UBTI.