Unrelated Business Income Tax Update
Financial Institutions
March 31, 2010
by
Rich Ruvelson
In late 2009, the judge in the Bellco Credit Union case issued a summary judgment with respect to sales of investment products to members stating that the income from sales of investments such as stocks, bonds, mutual funds, and annuities is not subject to UBIT. The judge has not yet decided all of the issues in the case, which was held in December 2009. The judge must still issue rulings with respect to the sale of credit life and disability products to members.
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