Current through Pub. L. 119-100Open in workspace
§ 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.)
Operative text only. Editorial notes, amendment history, and effective dates: official OLRC text of § 526
Source: decipher.legal/usc/26/526 · Internal Revenue Code, current through Pub. L. 119-100 (OLRC XML of 2026-04-17)