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activities additional allowed amount applied assets average base basis capital changes Code commercial banks Committee companies cooperative corporate corporate income cost credit union deduction determined distribution dividends earnings economic effect equal exclude exempt existing extent fact Federal foreign funds gain Government growth important income tax increase individual institutions interest Internal Revenue Code investment less limited loan associations loss margins means method million mutual operating organizations paid patronage patrons payments percent period permit policyholders present problem profits proposal provisions purchase question reason received reduced reserves respect result retained Revenue rules savings and loan securities share shareholders stockholders substantial surplus tax rates taxable taxable income taxation taxpayer tion treatment trust United
Página 1927 - The farmers' cooperatives exempt from taxation to the extent provided in subsection (a) are farmers', fruit growers', or like associations organized and operated on a cooperative basis (A) for the purpose of marketing the products of members or other producers, and turning back to them the proceeds of sales, less the necessary marketing expenses...
Página 1928 - ... substantially all such stock (other than nonvoting preferred stock, the owners of which are not entitled or permitted to participate, directly or indirectly, in the profits of the association, upon dissolution or otherwise, beyond the fixed dividends) is owned by producers who market their products or purchase their supplies and equipment through the association...
Página 1949 - ... organized and operated on a cooperative basis, (a) for the purpose of marketing the products of members or other producers, and turning back to them the proceeds of sales, less the necessary marketing expenses, on the basis of either the quantity or the value of the products furnished by them, or (b) for the purpose of purchasing supplies and equipment for the use of members or other persons, and turning over such supplies and equipment to them at actual cost, plus necessary expenses.
Página 1767 - Domestic building and loan associations substantially all the business of which is confined to making loans to members; and cooperative banks without capital stock organized and operated for mutual purposes and without profit...
Página 2091 - Income derived from any public utility or the exercise of any essential governmental function and accruing to a State or Territory, or any political subdivision thereof...
Página 1671 - ... with the Securities and Exchange Commission under the Investment Company Act of 1940, such reliance would constitute reasonable cause for purposes of this paragraph.
Página 1928 - Is accumulated and maintained by it a reserve required by State law or a reasonable reserve for any necessary purpose. Such an association may market the products of nonmembers In an amount the value of which does not exceed the value of the products marketed for members...
Página 1950 - In computing taxable income in the same manner as in the case of a cooperative organization not exempt under section 521. Such dividends, refunds, and rebates made after the close of the taxable year and on or before the 15th day of the 9th month following the close of such year...
Página 1712 - The taxable year of a partnership shall be determined as though the partnership were a taxpayer. A partnership may not change to, or adopt, a taxable year other than that of all its principal partners unless it establishes, to the satisfaction of the Secretary or his delegate, a business purpose therefor.
Página 1916 - manufacturer" includes a person who produces a taxable article from scrap, salvage, or junk material, as well as from new or raw material, (1) by processing, manipulating, or changing the form of an article, or (2) by combining or assembling two or more articles.