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January 22, 2008

Zero tax on billions

By Clarice Feldman

The Chronicle of Philanthropy has uncovered  a huge and apparently legal tax loophole that allows wealthy nonprofits like Harvard, Columbia and Stanford to pay no taxes on Unrelated Business Income. The total untaxed business income (UBIT) of 91 of these organizations runs near half a billion dollars.

Hat tip: Tax Prof Blog


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