26 U.S.C. § 1381

§ 1381. Organizations to which part applies

142 words · amended 2 times · cited by 13 other sections

No plain-English explainer yet. Below is the official text. Explainers are being added section by section.

History

Added in 1962 by the Public Law 87-834. Last changed December 22, 2017 by the Tax Cuts and Jobs Act (2017).

Every change, newest first (3)

The law as written

Current through Public Law 119-102. Amendment notes omitted.

Structure

(a) In general

This part shall apply to—

(1)

any organization exempt from tax under section 521 (relating to exemption of farmers’ cooperatives from tax), and

(2)

any corporation operating on a cooperative basis other than an organization—

(A)

which is exempt from tax under this chapter,

(B)

which is subject to the provisions of—

(i)

part II of subchapter H (relating to mutual savings banks, etc.), or

(ii)

subchapter L (relating to insurance companies), or

(C)

which is engaged in furnishing electric energy, or providing telephone service, to persons in rural areas.

(b) Tax on certain farmers’ cooperatives

An organization described in subsection (a)(1) shall be subject to the tax imposed by section 11.

For treatment of income from load loss transactions of organizations described in subsection (a)(2)(C), see section 501(c)(12)(H).