An Activity Is Not an Unrelated Trade or Business for Purposes

question 70

True/False

An activity is not an unrelated trade or business for purposes of the unrelated business income tax (UBIT) unless it is profitable.

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Definitions:

Ethical

Concerned with the principles of what is right and wrong behavior, and the goodness or badness of human character.

Agency Policy

Policies set by an organization or agency to dictate procedures, operations, and standards for its employees and the services it provides.

NASW Code of Ethics

A set of guidelines and principles designed to guide the conduct and decision-making of social workers, established by the National Association of Social Workers.

Billing Procedures

The systematic methods employed by businesses or organizations to issue bills for goods or services provided.