Tax-Exempt Investor
An investor, or any investor that is a flow-through entity for US federal income tax purposes that has a partner or member, that is exempt from US federal income taxation under Section 501(c) of the Internal Revenue Code (IRC) of 1986, as amended; generally are not subject to US taxation, but they may be required to pay taxes on unrelated business taxable income (UBTI); examples include pension plans, universities, private foundations, and charitable endowments.