List Four Sources of Income That Is Not Subject to the Unrelated

question 27

Essay

List four sources of income that is not subject to the unrelated business income tax:

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Definitions:

First Mortgage

A primary mortgage on a property that has precedence over all other mortgages or liens.

Charge

A secured claim (similar to a mortgage) registered against real property under the Land Titles System.

Land Titles System

A provincial government-operated system for the registration of interests in land where the government confirms and warrants the particular interests in land.

Registered Mortgage

A type of mortgage whose details are recorded with a governmental or other official registry, confirming the lien on the property.