26 USC Subtitle A, CHAPTER 1, Subchapter F, PART V: SHIPOWNERS' PROTECTION AND INDEMNITY ASSOCIATIONS
Result 1 of 1
   
 
<< Previous   TITLE 26 / Subtitle A / CHAPTER 1 / Subchapter F / PART V   Next >>
 
26 USC Subtitle A, CHAPTER 1, Subchapter F, PART V: SHIPOWNERS' PROTECTION AND INDEMNITY ASSOCIATIONS
From Title 26—INTERNAL REVENUE CODESubtitle A—Income TaxesCHAPTER 1—NORMAL TAXES AND SURTAXESSubchapter F—Exempt Organizations

PART V—SHIPOWNERS' PROTECTION AND INDEMNITY ASSOCIATIONS

Sec.
526.
Shipowners' protection and indemnity associations.

        

Editorial Notes

Amendments

1969—Pub. L. 91–172, title I, §101(a), Dec. 30, 1969, 83 Stat. 492, substituted "PART V" for "PART IV" as part designation.

§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.

(Aug. 16, 1954, ch. 736, 68A Stat. 178.)