Reg. § 1.851-1 Definition of regulated investment company.
(a) In general The term “regulated investment company” is defined to mean any domestic corporation (other than a personal holding company as defined in section ) which meets
(1) the requirements of section and of this section, and
(2) the limitations of section and . As to the definition of the term “corporation”, see section .
(b) Requirement To qualify as a regulated investment company, a corporation must be:
(1) Registered at all times during the taxable year, under the Investment Company Act of 1940, as amended (15 U.S.C. 80a-1 to 80b-2), either as a management company or a unit investment trust, or
(2) A common trust fund or similar fund excluded by section 3(c)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-3(c)) from the definition of “investment company” and not included in the definition of “common trust fund” by section .