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These proposed regulations describe how a tax-exempt organization subject to the unrelated business income tax allocates expenses, depreciation, and similar items between exempt activities and one or more unrelated trade or business activities or between or among multiple unrelated trades or businesses when calculating unrelated business taxable income.  The proposed regulations also describe how 2020 changes to section 172 of the Code regarding net operating losses affect the calculation of unrelated business taxable income of an exempt organization with more than one unrelated trade or business.