U.S.C. Title 26 - INTERNAL REVENUE CODE 26 U.S.C. United States Code, 2023 Edition Title 26 - INTERNAL REVENUE CODE Subtitle A - Income Taxes CHAPTER 1 - NORMAL TAXES AND SURTAXES Subchapter F - Exempt Organizations PART V - SHIPOWNERS' PROTECTION AND INDEMNITY ASSOCIATIONS Sec. 526 - Shipowners' protection and indemnity associations From the U.S. Government Publishing Office, www.gpo.gov
§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.)