# 26 U.S.C. § 526: Shipowners’ protection and indemnity associations

Source: OLRC release point 119-134 <https://uscode.house.gov/us/usc/119-134/t26/s526>. Cite pinpoints as 26 U.S.C. § 526(a)(1).

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.

## Connections

Cites: none

Cited by: § 45C Clinical testing expenses for certain drugs for rare diseases or conditions

Derived from: 1939 § 22(b)(8); 1939 § 116(g)

## Amendments

- 1954-08-16: [Act Aug. 16, 1954, ch. 736](/26/act/1954-ch736.md), 68A Stat. 178