On the Record: All that Glitters Isn't Tax Exempt
Beware the gift that brings with it unexpected IRS worries.
By
Kathleen Stephenson
and Lisa Petkun
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UBIT vs. CRUT
Charitable Remainder Unitrusts, which we discussed in our last column, are especially affected by the UBIT rules. In Newhall Unitrust v. Commissioner, 104 TC 236 (1995), the CRUT received unrelated business income from three of its investments. The U.S. Tax Court ruled that if a CRUT receives any amount of unrelated business income, the CRUT’s entire income for the year is subject to UBIT.
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Kathleen Stephenson
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Lisa Petkun
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