26 USC 526: Shipowners' protection and indemnity associations
Text contains those laws in effect on May 4, 2024
From Title 26-INTERNAL REVENUE CODESubtitle A-Income TaxesCHAPTER 1-NORMAL TAXES AND SURTAXESSubchapter F-Exempt OrganizationsPART V-SHIPOWNERS' PROTECTION AND INDEMNITY ASSOCIATIONS
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§526. Shipowners' protection and indemnity associations
There shall not be included in gross income the receipts of shipowners' mutual protection and indemnity associations not organized for profit, and no part of the net earnings of which inures to the benefit of any private shareholder; but such corporations shall be subject as other persons to the tax on their taxable income from interest, dividends, and rents.