Reg. § 1.511-1 Imposition and rates of tax.
Section imposes a tax upon the unrelated business taxable income of certain organizations otherwise exempt from Federal income tax. Under section , organizations described in section and in and organizations described in section are subject to normal tax and surtax at the corporate rates provided by section . Under section , trusts described in section are subject to tax at the individual rates prescribed in section 1(d) of the Code as amended by the Tax Reform Act of 1969 (section for taxable years ending before Jan. 1, 1971). The deduction for personal exemption provided in section in the case of a trust taxable under subchapter J, chapter 1 of the Code, is not allowed in computing unrelated business taxable income.
[T.D. 7117, 36 FR 9421, May 25, 1971]