§ 1.528-5. Source of income test.
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/us/cfr/t26/s§ 1.528-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
An organization cannot qualify as a homeowners association under section 528 for a taxable year unless 60 percent or more of its gross income for such taxable year is exempt function income as defined in § 1.528-9. The determiniation of whether an organization meets the provisions of this section shall be made after the close of the organization's taxable year. [T.D. 7692, 45 FR 26322, Apr. 18, 1980]
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§ 1.528-5
Source of income test.
Treas. Dec.T.D. 7692
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