For purposes of the unrelated business income tax (UBIT),a trade or business consists of any activity conducted for the production of income through the sale of merchandise or the performance of services for which profits have been earned during at least two of the five previous years.

Question

Quizplus · Accepted Answer

An activity need not generate a profit to be classified as a trade or business.

For Purposes of the Unrelated Business Income Tax (UBIT),a Trade