IRS: Revised Publication on Taxation of Unrelated Business Income Released

The IRS recently released a revised edition of Publication 598 (rev. Mar. 2010), Tax on Unrelated Business Income of Exempt Organizations. The popular publication explains the rules that apply to the taxation of unrelated business income including the types of organizations that are subject to the tax and how to figure unrelated business taxable income.

It also highlights changes that include:

- increases in the maximum cost of a low-cost article and dues of agricultural organizations and business leagues,
- the expiration of the five-year carryback election for losses on total capital expenditures, and
- the expiration of qualified cash contributions for relief efforts in Midwestern disaster areas.