The Internal Revenue Service anticipates that exempt organizations will engage in activities that may be in competition with private business endeavors but to be non- taxable, the activities must be substantially related to the purpose for which the organization has an exemption status. Please feel free to contact us at 277-0875 to make sure we did receive your questionnaire. If upon review it is determined that no unrelated business income is indicated, you will not be hearing from us. As these questionnaires are being reviewed by Taxation staff, only those departments where additional information is needed will be contacted by us. ![]() Please note: Thank you to those of you who have filled out and returned a UBIT Questionnaire to MSC 01-1260. To be filled out by UNM Department Fiscal Agents or Accountants. If you had any new revenue generating activities please fill out UBIT Questionnaire. Please contact the UNM Taxation Department if you need assistance in this matter. All activities should be carefully reviewed to determine whether an exempt purpose is also being served. UNM is not, however, exempt from tax imposed by IRC Sections 511, 512, and 513 on activities which are unrelated to its exempt purposes. So, gross income may be excluded from federal income tax when the university engages in related activities that include 1>providing educational programs at the associate, baccalaureate, master, and doctoral levels 2>conducting research and engaging in scholarly and other creative activities to support undergraduate, graduate, and professional educational programs, and creating, interpreting, applying, and accumulating knowledge 3>contributing to the quality of life in New Mexico by providing selected services to the public that are part of, contribute to, or originate from the University's teaching and scholarly activity programs and 4>providing health care through leadership, providing innovative, collaborative education, advancing the frontiers of science through research critical to the future of health care, delivering health care services that are at the forefront of science, and facilitating partnerships with public and private biomedical and health enterprises. IRC Section 115 provides that UNM may be treated with all the same purposes and functions described in Section 501(c)(3). ![]() The University of New Mexico is tax-exempt for federal income tax purposes, as an instrumentality of the State of New Mexico under Internal Revenue Code (IRC) Section 115. Unrelated Business Income Tax Federal Income Tax Exemption
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