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26 U.S.C. § 526 — Shipowners’ protection and indemnity associations
submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 59 words · no verdicts yet
in plain englishAI-generated · not legal advice
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
the actual law source: uscode.house.gov ↗public domain
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.
Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 178.)
history & why it existsrecord from the source credit
- 1954Enacted · Act of Aug. 16, 1954, ch. 736
A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.
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