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Prop. regs. would govern silo rules for exempt organizations

Journal of Accountancy, 2020-07, Vol.230 (1), p.52-53

Copyright American Institute of Certified Public Accountants Jul 2020 ;ISSN: 0021-8448 ;EISSN: 1945-0729

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  • Title:
    Prop. regs. would govern silo rules for exempt organizations
  • Author: Schreiber, Sally P
  • Subjects: Business expenses ; Codes ; Investments ; North American Industry Classification System ; Proposals ; Tax Cuts & Jobs Act 2017-US ; Tax regulations ; Taxable income ; Unrelated business income tax
  • Is Part Of: Journal of Accountancy, 2020-07, Vol.230 (1), p.52-53
  • Description: Once it breaks the businesses into separate silos, the organization must determine how to allocate to each silo expenses that may apply to more than one activity. [...]the IRS issues further guidance on the issue, the expenses may be allocated using any reasonable method. [...]the proposed regulations provide that an exempt organization with both pre-2018 and post-2017 NOLs will deduct its pre-2018 NOLs from its total UBTI under Sec. 512(a)(6)(B) before deducting any post-2017 NOLs with regard to a separate unrelated trade or business from the UBTI from that unrelated trade or business. The AICPA plans to submit an additional comment letter on the proposed regulations that will further discuss recommendations related to areas that the government has requested additional feedback on, such as the NAICS two-digit code classification, investment activities, the de minimis and control tests, NOLs, the transition rule, and social club issues.
  • Publisher: New York: American Institute of Certified Public Accountants
  • Language: English
  • Identifier: ISSN: 0021-8448
    EISSN: 1945-0729
  • Source: Alma/SFX Local Collection
    ProQuest Central
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