§ 526 Shipowners’ protection and indemnity associations

OLRC 119-134 · eCFR 2026-10-19 · cited by 1 sections

Enacted 1954 · Act Aug. 16, 1954, ch. 736 Amended · 0 Acts · From 1939 Code § 22(b)(8) · § 116(g)

1954
Connections Cited by 1 · Cites 0
§ 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.