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No IRS Appeal on UBIT

In a key victory for credit unions, the Internal Revenue Service let last week's deadline for appealing the verdict against

In a key victory for credit unions, the Internal Revenue Service let last week’s deadline for appealing the verdict against it in the lawsuit filed by Community First Credit Union pass without appealing.

In May, a federal jury ruled that the IRS erroneously levied the unrelated business income tax (UBIT) on three financial products sold by Community First Credit Union. The jury ruled that the government must refund the Appleton, Wis.-based credit union $54,604 that it paid for UBIT on sales of financial products.

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