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The Internal Revenue Service’s recent publication on the unrelated business income tax represents far more than tax refunds en route to many credit unions; it shows how determination, patience and a shared vision can score big wins for credit unions, even when challenged by the federal government.

Because of how federal laws are written, state-chartered credit unions are subject to federal income tax on “unrelated” business activities. But other than taking deposits and making loans, what does the IRS consider to be “related” to credit unions’ purpose?

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