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26 U.S.C. § 522 — Repealed. Pub. L. 87–834, § 17(b)(2), Oct. 16, 1962, 76 Stat. 1051]

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 522 — Repealed. Pub. L. 87–834, § 17(b)(2), Oct. 16, 1962, 76 Stat. 1051]

### Statutory Notes Section, act Aug. 16, 1954, ch. 736, 68A Stat. 177, related to tax on farmers’ cooperatives. #### Effective Date of Repeal Repeal applicable, except as otherwise provided, to taxable years of organizations described in [section 1381(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1381/a&num=0&edition=prelim) beginning after Dec. 31, 1962, see section 17(c) of Pub. L. 87–834, set out as an Effective Date note under [section 1381 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1381&num=0&edition=prelim).

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Source location: Title 26, Chapter 1, § 522; chapter-001-normal-taxes-and-surtaxes.md

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 1381 — Organizations to which part applies

**(a) In general** This part shall apply to— (1) any organization exempt from tax under section 521 (relating to exemption of farmers’ cooperatives from tax), and (2) any corporation operating on a cooperative basis other than an organization— (A) which is exempt from tax under this chapter, (B) which is subject to the provisions of— (i) part II of subchapter H (relating to mutual savings banks, etc.), or (ii) subchapter L (relating to insurance companies), or (C) which is engaged in furnishing electric energy, or providing telephone service, to persons in rural areas. **(b) Tax on certain farmers’ cooperatives** An organization described in subsection (a)(1) shall be subject to the tax imposed by section 11. **(c) Cross reference** For treatment of income from load loss transactions of organizations described in subsection (a)(2)(C), see section 501(c)(12)(H).

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 522 — Untitled legal text

Page 1723 TITLE 26—INTERNAL REVENUE CODE § 526 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 pur- pose of purchasing supplies and equipment for the use of members or other persons, and turn- ing over such supplies and equipment to them at actual cost, plus necessary expenses. (2) Organizations having capital stock Exemption shall not be denied any such as- sociation because it has capital stock, if the dividend rate of such stock is fixed at not to exceed the legal rate of interest in the State of incorporation or 8 percent per annum, which- ever is greater, on the value of the consider- ation for which the stock was issued, and if substantially all such stock (other than non- voting preferred stock, the owners of which are not entitled or permitted to participate, directly or indirectly, in the profits of the as- sociation, upon dissolution or otherwise, be- yond the fixed dividends) is owned by pro- ducers who market their products or purchase their supplies and equipment through the as- sociation. (3) Organizations maintaining reserve Exemption shall not be denied any such as- sociation because there is accumulated and maintained by it a reserve required by State law or a reasonable reserve for any necessary purpose. (4) Transactions with nonmembers Exemption shall not be denied any such as- sociation which markets the products of non- members in an amount the value of which does not exceed the value of the products marketed for members, or which purchases supplies and equipment for nonmembers in an amount the value of which does not exceed the value of the suppli

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