The U.S. IRS has published updated FAQs on the carryback of NOLs by certain exempt organizations in light of the carryback provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). --- FAQs - Carryback of NOLs by certain exempt organizations Background An exempt organization may engage in more than one unrelated trade or business. Previously, an exempt organization deriving gross income from the regular conduct of two or more unrelated trades or businesses calculated unrelated business taxable income (UBTI) by determining its aggregate gross income from all such unrelated trades or businesses and reducing that amount by...