Leaderboard

Copied from IR 2024 - 190: "Specifically, Treasury and IRS reviewed comments suggesting that a beneficiary of an individual who has started required annual distributions should not be required to continue those annual distributions if the remaining account balance is fully distributed within 10 years of the individual’s death as required by the SECURE Act. However, Treasury and IRS determined that the final regulations should retain the provision in the proposed regulations requiring such a beneficiary to continue receiving annual payments." Well this issue is finally cleared up

It's not specifically excluded, so I'd say it's UBI. https://www.irs.gov/charities-non-profits/charitable-organizations/unrelated-business-income-tax-exceptions-and-exclusions

I remembered this conversation from a few years ago, and glad I was able to bring it back up. I have a question similar to the topic heading, but facts & circumstances are different. What about a church which acquires a recreational facility such as a tennis court, pickleball court, basketball court, etc and rents it out on an hourly basis. Would that type of rental still fall under the exceptions to the UBIT, or is this a different situation? (Let's assume the property is not financed due to it being gifted or acquired through a will or a cash purchase).

I know this is waaaay late ... but I just saw this thread. I purchased via Sigma the past two years. Drake told me they provide support, regardless where you purchase it. I've had no issue getting support directly from Drake.

Copied from IRS CI: "Craig Anthony Reynolds, co-founder of a supposed Christian health-sharing ministry in St. Joseph, Missouri, was sentenced to 17 years and six months in federal prison for his role in an $8 million wire fraud scheme and making false statements on his tax return. He was also ordered to pay over $8 million in restitution to his victims and the IRS. Reynolds and his co-conspirator, James McGinnis, marketed their organization as a healthcare sharing ministry but paid only 3.1% of the $8 million they collected in member contributions. From 2014 to December 2022, Reynolds and McGinnis mislead their members through false promises and fraudulent marketing and used the contributions for their personal profit. Both men pleaded guilty to wire fraud and making false tax statements. Reynold’s fraudulent activities also included filing false tax returns and improperly claiming COVID tax credits. This case was investigated by the IRS CI St. Louis Field Office." All fraud is bad, but this kind is especially disgusting!