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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If an exempt organization receives a donation of a business interest or other income-producing asset and sells it, no UBIT issue should arise. However, a prompt sale might not always be possible. The market for a particular asset might be depressed, or the asset might have restrictions on how and even if it can be transferred.
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Kathleen Stephenson
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