IRS Form: Draft Form 990-T Instructions (IRC §501)

Draft Form 990-T, Exempt Organization Business Income Tax Return, instructions released October 23 to reflect changes under the 2017 tax act, Pub. L. No. 115-97. Among the changes, the instructions note: (1) the reduction of the corporate tax rate to 21% and the repeal of the corporate alternative minimum tax; (2) separate UBTI calculation for each trade or business; (3) increase in UBTI due to disallowed fringe beneefits; and (4) changes to international tax provisions, including GILTI, FDII, and base erosion minimum tax. [Draft IRS Form 990-T Instructions (2018)]

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