Unrelated business income tax (UBIT)

{
  "id": "MLC-T-INS-003443",
  "term": "Unrelated business income tax (UBIT)",
  "field": "Insurance and risk management",
  "definition": "A tax levied on the net income of an unrelated business activity regularly carried on by a tax-exempt organization. This tax prevents tax-exempt entities from gaining an unfair competitive advantage over taxable businesses. The income must be derived from a trade or business, regularly carried on, and not substantially related to the organization's exempt purpose.",
  "abbreviation": "UBIT",
  "url": "https://mlchart.com/terminology/insurance/unrelated-business-income-tax-ubit/"
}