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Home » 2021 Issues » 86 FR (02/12/2021) » 2021-00341. Unrelated Business Taxable Income Separately Computed for Each Trade or Business; Correction

  2021-00341. Unrelated Business Taxable Income Separately Computed for Each Trade or Business; Correction  

  • Start Preamble

    AGENCY:

    Internal Revenue Service (IRS), Treasury.

    ACTION:

    Correcting amendment.

    SUMMARY:

    This document contains corrections to the final regulations (Treasury Decision 9933) that published in the Federal Register on Wednesday, December 2, 2020. The final regulations provide guidance on how an exempt organization subject to the unrelated business income tax determines if it has more than one unrelated trade or business, and, if so, how the exempt organization calculates unrelated business taxable income.

    DATES:

    These corrections are effective on February 12, 2021 and are applicable on December 2, 2020.

    Start Further Info

    FOR FURTHER INFORMATION CONTACT:

    Jonathan A. Carter at (202) 317-5800 or Stephanie N. Robbins at (202) 317-4086 (not toll-free numbers).

    End Further Info End Preamble Start Supplemental Information

    SUPPLEMENTARY INFORMATION:

    Background

    The final regulations (TD 9933) that are the subject of this correction are issued under section 512 of the Internal Revenue Code.

    Need for Correction

    As published on December 2, 2020 (85 FR 77952), the final regulations (TD 9933) contain errors that needs to be corrected.

    Start List of Subjects

    List of Subjects in 26 CFR Part 1

    • Income taxes
    • Reporting and recordkeeping requirements
    End List of Subjects

    Correction of Publication

    Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments:

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    PART 1—INCOME TAXES

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    Paragraph 1. The authority citation for part 1 continues to read in part as follows:

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    Authority: 26 U.S.C. 7805 * * *

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    [Amended]
    Start Amendment Part

    Par. 2. Section 1.512(a)-6 is amended:

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    a. In paragraph (a)(3)(i) by adding a semicolon after the word “year”.

    End Amendment Part Start Amendment Part

    b. In the third sentence of paragraph (h)(2) by removing the language “trade or business” and adding in its place “trades or businesses”.

    End Amendment Part Start Signature

    Crystal Pemberton,

    Senior Federal Register Liaison, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration).

    End Signature

    Editorial Note:

    This document was received for publication by the Office of the Federal Register on January 6, 2021.

    End Supplemental Information

    [FR Doc. 2021-00341 Filed 2-11-21; 8:45 am]

    BILLING CODE 4830-01-P

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Document Information

Effective Date:
2/12/2021
Published:
02/12/2021
Department:
Internal Revenue Service
Entry Type:
Rule
Action:
Correcting amendment.
Document Number:
2021-00341
Dates:
These corrections are effective on February 12, 2021 and are applicable on December 2, 2020.
Pages:
9286-9286 (1 pages)
Docket Numbers:
TD 9933
RINs:
1545-BO79: Unrelated Business Taxable Income Separately Computed for Each Trade or Business Activity
RIN Links:
https://www.federalregister.gov/regulations/1545-BO79/unrelated-business-taxable-income-separately-computed-for-each-trade-or-business-activity
Topics:
Income taxes, Reporting and recordkeeping requirements
PDF File:
2021-00341.pdf
Supporting Documents:
» Unrelated Business Taxable Income Separately Computed for Each Trade or Business; Correction
» Unrelated Business Taxable Income Separately Computed for Each Trade or Business; Correction
» Unrelated Business Taxable Income Separately Computed for Each Trade or Business
» Unrelated Business Taxable Income Separately Computed for Each Trade or Business
CFR: (1)
26 CFR 1.512(a)-6