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NCOME TAX. A. Primary Purpose. The main objective of the unrelated business income tax is to eliminate unfair competition between exempt and nonexempt organizations. This is accomplished by subjecting the unrelated business activities of tax-exempt organizations to the same taxes as the nonexempt businesses with which they compete. B. Other Objectives. The courts more recently have also noted that one of the rationales of the unrelated business income tax is that of raising revenue. II. APP.
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Groetzinger FAQ
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Purposes of taxation One useful way to view the purpose of taxation, attributable to American economist Richard A. Musgrave, is to distinguish between objectives of resource allocation, income redistribution, and economic stability. Taxation | Definition, Purpose, Importance, & Types - Britannica Britannica https://.britannica.com › Money › History & Theory Britannica https://.britannica.com › Money › History & Theory
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IRC section 512 defines unrelated business taxable income as gross income generated by a trade or business regularly carried on by a tax-exempt organization that is not substantially related to the organization's tax-exempt purpose, less deductions directly connected with conducting the trade or business.
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Why Do We Pay Taxes? Taxes are the primary source of revenue for most governments. Among other things, this money is spent to improve and maintain public infrastructure, including the roads we travel on, and fund public services, such as schools, emergency services, and welfare programs. Taxes Definition: Types, Who Pays, and Why - Investopedia Investopedia https://.investopedia.com › Income Tax › Definitions Investopedia https://.investopedia.com › Income Tax › Definitions
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The general purpose of a tax is to fund the operations of the government ( to raise revenue). Chapter 1 Introduction to Tax Flashcards - Quizlet Quizlet https://quizlet.com › chapter-1-introduction-to-tax-flash-... Quizlet https://quizlet.com › chapter-1-introduction-to-tax-flash-...
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Economists specializing in public finance have long enumerated four objectives of tax policy: simplicity, efficiency, fairness, and revenue sufficiency. While these objectives are widely accepted, they often conflict, and different economists have different views of the appropriate balance among them. Taxation - Econlib econlib.org https://.econlib.org › library › Enc › Taxation econlib.org https://.econlib.org › library › Enc › Taxation
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When tax-exempt charitable nonprofits earn income through an activity that is unrelated to their exempt purposes (such as activity that is commercial in nature, like sales of goods) and the activity is “regularly carried on,” the revenue from the activity may be taxable income under IRS rules for “unrelated business ...
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Key Takeaways. Unrelated business taxable income (UBTI) is money earned by a tax-exempt entity that's not related to its tax-exempt purpose. UBTI prevents or limits tax-exempt entities from engaging in activities that are unrelated to their primary purposes.
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Taxes provide revenue for federal, local, and state governments to fund essential services--defense, highways, police, a justice system--that benefit all citizens, who could not provide such services very effectively for themselves.
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