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6.E. - Page 12 of 12 <br />— 7 — AB 2852 <br />1 (A) Owned by an educational institution of collegiate grade or <br />2 used by a nonprofit corporation operating a student bookstore <br />3 affiliated with such an educational institution, and <br />4 (2-) <br />5 (B) Is primarily devoted to bookstore use that produces income <br />6 that is taxable as unrelated business taxable income. <br />7 This tax <br />8 (2) The tax described in paragraph (1) shall be determined by <br />9 establishing a ratio of the unrelated business taxable income to the <br />10 bookstore's gross income as defined by the Internal Revenue Code. <br />11 That percent shall be the maximum percentage ofd bookstore <br />12 property on which a property tax can be levied. <br />13 -4t <br />14 (3) At the end of a fiscal year when unrelated business income <br />15 has been generated, the nonprofit organization shall file with the <br />16 assessor copies of the organization's most recent tax return filed <br />17 with the Internal Revenue Service. <br />02 <br />99 <br />100 <br />