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Enrolled Agent ReadyStudyingPart 1
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Special Enrollment Examination
Part 1SEE Part 1: Individuals✓Part 2SEE Part 2: BusinessesPart 3SEE Part 3: Representation, Practices and ProceduresAll of the following are generally excluded from unrelated business income EXCEPT:
Unrelated business income is income from a trade or business regularly carried on that is not substantially related to the exempt purpose. Statutory exceptions cover businesses conducted substantially by volunteers, for the convenience of members, students or employees, and selling donated merchandise. A public parking lot operated regularly is generally unrelated business income. Source: IRC 513(a); Pub. 598, Excluded trade or business activities. Tax year: 2025 (law as of 31 Dec 2025).
Treating any income of a charity as exempt.
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