Private Foundations

CHAPTER TENTax on Investment Income

1. § 10.3 Formula for Taxable Income
   1. (a) Gross Investment Income

§ 10.3 FORMULA FOR TAXABLE INCOME

(a) Gross Investment Income

p. 488, last paragraph, first sentence. Delete and substitute:

The term gross investment income means the gross amount of income from interest, dividends, rents, payments with respect to securities loans, and royalties,⁴¹ but not including any income to the extent included in computing the unrelated business income tax.^41.1

p. 488, last paragraph. Delete second and third sentences (including note) and substitute the following—the following sentence and remaining text of paragraph form a new paragraph:

Gross investment income also includes income that is from sources that are similar to interest, dividends, and the like.^41.2

NOTES

41. See § 11.2.

41.1. IRC § 4940(c)(2); Reg. § 53.4940-1(d). E.g., Priv. Ltr. Rul. 201441018. See § 11.5.

41.2. Id.