U.S.CPA練習題精選：REG 31

With regard to unrelated business income of an exempt organization, which one of the following statements is correct?

a. An exempt organization is not taxed on unrelated business income of less than $1,000.

b. An exempt organization that earns any unrelated business income in excess of $100,000 during a particular year will lose its exempt status for that particular year.

c. An unrelated trade or business activity that results in a loss is excluded from the definition of unrelated business.

d. The tax on unrelated business income can be imposed even if the unrelated business activity is intermittent and is carried on once a year.

答案：A

Explanation

Choice "a" is correct. An exempt organization is not taxed on unrelated business income of less than $1,000.

Choice "c" is incorrect. Unrelated business taxable income is the gross income from any unrelated trade or business "regularly" carried on, minus business deductions directly connected therewith. If expenses exceed income, a net operating loss occurs, which is subject to the carryback and carryover provisions of net operating losses. 

Choice "d" is incorrect. The tax on unrelated business income is not imposed if the unrelated business activity is intermittent and is carried on once a year. Unrelated business taxable income must be derived from an activity that constitutes a trade or business that is regularly carried on and is not substantially related to the organization's tax-exempt purpose.

Choice "b" is incorrect. No such $100,000 rule exists.