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IRS Yields on Taxable UBIT Items

In a March 24, 2014 internal memorandum, the IRS Director of Exempt Organizations changed the IRS position on the taxability of certain items related to UBIT (unrelated business income tax) for state chartered credit unions.  This change in position resulted from the IRS loss in two district court decisions involving credit unions.

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Condit
Contact
  • Gary Condit
  • Director, Assurance & Business Advisory Services
  • (614) 947-5272
  • gcondit@gbq.com