The

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

Revenue Act of 1950 eliminated a portion of the individual

income tax An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Tax ...

rate reductions from the 1945 and 1948 tax acts, and increased the top corporate rate from 38 percent to 45 percent. This act changed the law regarding tax exempt organizations. It introduced the concept of

Unrelated Business Income Tax Unrelated Business Income Tax (UBIT) in the U.S. Internal Revenue Code is the tax on unrelated business income, which comes from an activity engaged in by a tax-exempt 26 U.S.C. 501 organization that is not related to the tax-exempt purpose of t ...

, denied exemption to certain foundations and trusts, and denied deductions to donors of some organization which failed to meet certain standards.

References

External links

Full text of the Act
United States federal taxation legislation 1950 in law {{US-fed-statute-stub