UBIT applies to universities tax exempt under 170(c)(1), also.

Attached is VCU's guideline test.  Background for it is available upon
request.

Chuck

At 09:45 AM 5/9/00 -0500, you wrote:
>I'm sure this has been addressed before on the list, but I could not pull
>anything up from the archives.
>
>This question is mainly for those of you who are classified as 501(c)3
>organizations and are doing research for pharmaceutical companies.  What is
>your organization's view regarding the unrelated business income tax in
>relation to the income derived from drug studies?  I have my own thoughts,
>but am curious as to how others interpret the IRS rules and regulations.
>
>Thanks for your comments.
>
>Jennifer
>
>Jennifer Sharp
>Contract Attorney
>Arkansas Children's Hospital Research Institute
>1120 Marshall Street
>Little Rock, AR  72202
>501-320-3571
>501-320-2705 (Fax)
>
>
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