Reg. § 1.511-3 Provisions generally applicable to the tax on unrelated business income.
(a) Assessment and collections Since the taxes imposed by section are taxes imposed by subtitle A of the Code, all provisions of law and of the regulations applicable to the taxes imposed by subtitle A are applicable to the assessment and collection of the taxes imposed by section . Organizations subject to the tax imposed by section are subject to the same provisions, including penalties, as are provided in the case of the income tax of other corporations. In the case of a trust subject to the tax imposed by section , the fiduciaries for such trust are subject to the same provisions, including penalties, as are applicable to fiduciaries in the case of the income tax of other trusts. See section , et seq., and the regulations prescribed thereunder, for provisions relating to payment of tax.
(b) Returns For requirements of filing annual returns with respect to unrelated business taxable income by organizations subject to the tax on such income, see section , , and .
(c) Taxable years, method of accounting, etc The taxable year (fiscal year or calendar year, as the case may be) of an organization shall be determined without regard to the fact that such organization may have been exempt from tax during any prior period. See sections and , and the regulations thereunder in this part, and section and the regulations in part 301 of this chapter (Regulations on Procedure and Administration). Similarly, in computing unrelated business taxable income, the determination of the taxable year for which an item of income or expense is taken into account shall be made under the provisions of sections , , , and , and the regulations thereunder, whether or not the item arose during a taxable year beginning before, on, or after the effective date of the provisions imposing a tax upon unrelated business taxable income. If a method for treating bad debts was selected in a return of income (other than an information return) for a previous taxable year, the taxpayer must follow such method in its returns under section , unless such method is changed in accordance with the provisions of . A taxpayer which has not previously selected a method for treating bad debts may, in its first return under section , exercise the option granted in .
(d) Foreign tax credit See section for provisions applicable to the credit for foreign taxes provided in section .