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PAPERBACK list:$39.00 Web:$35.10 add to cart PDF BOOK your price: $30.00 add to cart Rights & Permissions Free Resources Display this book on your site! Related Titles Rising Above the Gathering Storm: Energizing and Employing America for a Brighter Economic Future Science and Technology in Armenia: Toward a Knowledge-Based Economy Other Related Titles Technology Commercialization: Russian Challenges, American Lessons (1998) Office of International Affairs (OIA) Web Search Builder Use this book's key terms to search within this book, across our collection, or across the Web. Skim This Chapter Skim this chapter and use this chapter's key terms to search within this book. Reference Finder Paste in your own text to find books that relate to your topic. Page 133   E-mail  Facebook  Digg  Stumble  Twitter More The following HTML text is provided to enhance online readability. Many aspects of typography translate only awkwardly to HTML. Please use the page image as the authoritative form to ensure accuracy. Appendix M Unrelated Business Income Policy of the University of North Carolina Overview Each year the University is required to file an Exempt Organization Business Income Tax Return with the Internal Revenue Service reporting any unrelated business income generated by the activities of its academic and support units. The Internal Revenue Code states that a college or university is generally deemed to have unrelated business taxable income when it realizes gross income from any regularly conducted trade or business that is not substantially related to its educational and other exempt purposes. Definitions A trade or business is an activity carried on to produce income from the sale of goods or the performance of services. A specific business activity will be considered to be regularly carried on if it is conducted with a frequency and manner comparable to that of the same or similar activity by a taxable organization. Not substantially related means the activity that produces the income does not contribute importantly to the exempt purpose of the university. Any business activity conducted by a college or university primarily for the convenience of its faculty, other employees, and/or students is not taxable, regardless of the nature of the activity. Annual Review Each year the Controller's Office reviews all areas where unrelated business income existed or had significant potential to exist in the preceding year. All departments are asked to notify the Controller's Office of any new programs that may generate revenues that fit the definition of unrelated business income. The following are examples of potential unrelated business income generating activities. Page 133 Front Matter (R1-R10) Perspective From a University with an Industry-Funded Research Program (1-7) Commercializing University Technology (8-15) Legal Issues of Special Concern to Technology Commercialization (16-23) An Industrial Perspective on Technology Commercialization in the 1990s and Beyond (24-32) Research, Technology Development, and Commercialization (33-40) View from a National Laboratory (41-43) The Role of Industrial Institutes in Creating and Maintaining Russia's Industrial Potential (44-49) Problems of Taxation and Technology Commercialization in Russia (50-54) Commercialization of Scientific and Technical Developments at Higher Education Institutes (55-59) Development of Legal Regulations for Technology Commercialization in Russia (60-66) Commercializing for the Polymer Industry: The Experience of an Academy Institute (67-74) The Main Problem in Commercialization of Scientific Research Results (75-84) Areas of Further Consideration (85-88) Appendix A: Workshop on Technology Commercialization Agenda (89-90) Appendix B: Excerpts from the Bayh-Dole Act (91-98) Appendix C: Excerpts from the National Competitiveness Technology Transfer Act of 1989 (99-104) Appendix D: Commercializing Technology (105-106) Appendix E: U.S. Patent Law Provisions that Promote University-Based Patenting and Technology Transfer (107-111) Appendix F: Description of the Centennial Campus (112-113) Appendix G: Innovation Research Fund (114-115) Appendix H: First Flight Venture Center (116-116) Appendix I: NIST Advanced Technology Program (117-119) Appendix J: The Industrial Research Institute, Inc. (120-121) Appendix K: NSF Industry/University Cooperative Research Centers Program (122-128) Appendix L: U.S. Tax Policy Issues (129-132) Appendix M: University Unrelated Business Income Policy (133-134) Appendix N: Visits in Russia and the United States (135-138)

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OCR for page 133
--> Appendix M Unrelated Business Income Policy of the University of North Carolina Overview Each year the University is required to file an Exempt Organization Business Income Tax Return with the Internal Revenue Service reporting any unrelated business income generated by the activities of its academic and support units. The Internal Revenue Code states that a college or university is generally deemed to have unrelated business taxable income when it realizes gross income from any regularly conducted trade or business that is not substantially related to its educational and other exempt purposes. Definitions A trade or business is an activity carried on to produce income from the sale of goods or the performance of services. A specific business activity will be considered to be regularly carried on if it is conducted with a frequency and manner comparable to that of the same or similar activity by a taxable organization. Not substantially related means the activity that produces the income does not contribute importantly to the exempt purpose of the university. Any business activity conducted by a college or university primarily for the convenience of its faculty, other employees, and/or students is not taxable, regardless of the nature of the activity. Annual Review Each year the Controller's Office reviews all areas where unrelated business income existed or had significant potential to exist in the preceding year. All departments are asked to notify the Controller's Office of any new programs that may generate revenues that fit the definition of unrelated business income. The following are examples of potential unrelated business income generating activities.

OCR for page 134
--> Examples Any form of advertising that generates revenue for the University. Rental of real property if services are provided to the renter or if the property is debt financed. Rental of personal property (equipment, computer time) Rental or sale of mailing lists Sale of any goods or services to non-University persons or entities. Tax Liability The presence of these activities does not necessarily mean that a tax liability exists. It may be determined that the activity is not subject to unrelated business income tax, or if it is a taxable activity, the revenue may generally be offset by the expense incurred. Source: University of North Carolina Accounting Services, 1995

Representative terms from entire chapter:

business income