New UBIT Plaintiff Expected Soon

Credit Union Journal, The, March, 2008

The IRS may soon find itself facing a second credit union plaintiff in a lawsuit over the agency’s interpretation of the Unrelated Business Income Tax (UBIT), according to CUNA Mutual Group’s Larry Blanchard, who heads up the UBIT Task Force.

Blanchard told Credit Union Journal the hope is for another plaintiff to be announced in April or Ma y. That suit is expected to focus on the issue of income from the sale of investments and annuities to members.

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