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Technology Commercialization Russian Challenges, American Lessons (1998) / Chapter Skim
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Appendix M: University Unrelated Business Income Policy
Pages 133-134

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From page 133...
... Definitions A trade or business is an activity carried on to produce income from He sale of goods or the performance of services. A specific business activity will be considered to be regularly carried on if it is conducted with a frequency and manner comparable to that of the same or similar activity by a taxable organization.
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From page 134...
... Tax Liability The presence of these activities does not necessarily mean that a tax liability exists. It may be determined that the activity is not subject to unrelated business income tax, or if it is a taxable activity, the revenue may generally be offset by the expense incurred.
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Key Terms

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  • income tax
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  • taxable organization

  • accounting services
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  • manner comparable
  • contribute importantly
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  • income existed
  • similar activity
  • business activity
  • generating activities
  • expense incurred

  • significant potential
  • potential unrelated
  • carolina accounting
  • regularly carried
  • exempt purpose

  • generate revenues
  • taxable activity
  • office reviews
  • tax liability
  • north carolina

  • produce income
  • activity conducted
  • activity carried
  • mailing lists
  • computer time


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