990-US: Unrelated business activities for Form 990-T (FAQ)

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Question

How are amounts identified as unrelated business activities for Form 990-T?

Answer

In UltraTax/990 returns, all income and expense amounts print on Form 990, 990-EZ, or 990-PF, but only amounts classified as unrelated business income print on Form 990-T. Screens Income and IncomePF contain statement dialogs, in which you can enter income without directly related expenses. These statement dialogs provide a column in which you can enter an unrelated business code. If you enter a code, the corresponding income amount is considered unrelated business income for Form 990-T and Form 990, Part VIII or Form 990-PF, Part XVI-A as applicable.

UltraTax CS provides Screens Event, Event-2, Event-3, Event-4, EventPF, Even-2PF, Rent, and Rent-2 for you to enter income with directly related expenses. Each of these screens includes a field in which you can enter an unrelated business code. If you enter a code, all the income and expenses entered on that screen are considered unrelated business income on Form 990-T and Form 990, Part VIII or Form 990-PF, Part XVI-A as applicable.

Sales or like-kind exchanges may also be classified as unrelated business income. To identify a sale or like-kind exchange as unrelated business income, enter an unrelated business code in the field provided on Screen 8824, Screen SchD, or Screen Sale. Sale information is calculated on Form 4797, Schedule D (Form 1120), Form 8824, or Schedule D (Form 1041) before printing on Form 990-T.

Related topic: 990-US: Form 990-T FAQs

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