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26 U.S.C. § 277 — Deductions incurred by certain membership organizations in transactions with members
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** In the case of a social club or other membership organization which is operated primarily to furnish services or goods to members and which is not exempt from taxation, deductions for the taxable year attributable to furnishing services, insurance, goods, or other items of value to members shall be allowed only to the extent of income derived during such year from members or transactions with members (including income derived during such year from institutes and trade shows which are primarily for the education of members). If for any taxable year such deductions exceed such income, the excess shall be treated as a deduction attributable to furnishing services, insurance, goods, or other items of value to members paid or incurred in the succeeding taxable year. The deductions provided by sections 243 and 245 (relating to dividends received by corporations) shall not be allowed to any organization to which this section applies for the taxable year.
**(b) Exceptions** Subsection (a) shall not apply to any organization—
(1) which for the taxable year is subject to taxation under subchapter H or L,
(2) which has made an election before October 9, 1969, under section 456(c) or which is affiliated with such an organization,
(3) which for each day of any taxable year is a national securities exchange subject to regulation under the Securities Exchange Act of 1934 or a contract market subject to regulation under the Commodity Exchange Act, or
(4) which is engaged primarily in the gathering and distribution of news to its members for publication.
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Source file: Laws/federal/codes/united-states-code/title-26/section-277-deductions-incurred-by-certain-membership-organizations-in-transactions--9f7b95eda7.md
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Source location: Title 26, Chapter 1, § 277; chapter-001-normal-taxes-and-surtaxes.md
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**(a) General rule** In the case of a social club or other membership organization which is operated primarily to furnish services or goods to members and which is not exempt from taxation, deductions for the taxable year attributable to furnishing services, insurance, goods, or other items of value to members shall be allowed only to the extent of income derived during such year from members or transactions with members (including income derived during such year from institutes and trade shows which are primarily for the education of members). If for any taxable year such deductions exceed such income, the excess shall be treated as a deduction attributable to furnishing services, insurance, goods, or other items of value to members paid or incurred in the succeeding taxable year. The deductions provided by sections 243 and 245 (relating to dividends received by corporations) shall not be allowed to any organization to which this section applies for the taxable year.
**(b) Exceptions** Subsection (a) shall not apply to any organization—
(1) which for the taxable year is subject to taxation under subchapter H or L,
(2) which has made an election before October 9, 1969, under section 456(c) or which is affiliated with such an organization,
(3) which for each day of any taxable year is a national securities exchange subject to regulation under the Securities Exchange Act of 1934 or a contract market subject to regulation under the Commodity Exchange Act, or
(4) which is engaged primarily in the gathering and distribution of news to its members for publication.
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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “Commodity Exchange Act.”
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Deduction allowed** There shall be allowed as a deduction for the taxable year an amount equal to—
(1) in the case of a taxable year beginning before January 1, 2021, the aggregate of the net operating loss carryovers to such year, plus the net operating loss carrybacks to such year, and
(2) in the case of a taxable year beginning after December 31, 2020, the sum of—
(A) the aggregate amount of net operating losses arising in taxable years beginning before January 1, 2018, carried to such taxable year, plus
(B) the lesser of—
(i) the aggregate amount of net operating losses arising in taxable years beginning after December 31, 2017, carried to such taxable year, or
(ii) 80 percent of the excess (if any) of—
(I) taxable income computed without regard to the deductions under this section and sections 199A and 250, over
(II) the amount determined under subparagraph (A).
For purposes of this subtitle, the term “net operating loss deduction” means the deduction allowed by this subsection.
**(b) Net operating loss carrybacks and carryovers**
(1) **Years to which loss may be carried**
(A) *General rule* — A net operating loss for any taxable year—
(i) shall be a net operating loss carryback to the extent provided in subparagraphs (B), (C)(i), and (D), and
(ii) except as provided in subparagraph (C)(ii), shall be a net operating loss carryover—
(I) in the case of a net operating loss arising in a taxable year beginning before January 1, 2018, to each of the 20 taxable years following the taxable year of the loss, and
(II) in the case of a net operating loss arising in a taxable year beginning after December 31, 2017, to each taxable year following the taxable year of the loss.
(B) *Farming losses*
(i) *I
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 172
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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “Securities Exchange Act of 1934.”
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of—
(1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and
(2) every surviving spouse (as defined in section 2(a)),
a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000.
**(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000.
**(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Exemption from taxation** An organization described in subsection (c) or (d) or section 401(a) shall be exempt from taxation under this subtitle unless such exemption is denied under section 502 or 503.
**(b) Tax on unrelated business income and certain other activities** An organization exempt from taxation under subsection (a) shall be subject to tax to the extent provided in parts II, III, and VI of this subchapter, but (notwithstanding parts II, III, and VI of this subchapter) shall be considered an organization exempt from income taxes for the purpose of any law which refers to organizations exempt from income taxes.
**(c) List of exempt organizations** The following organizations are referred to in subsection (a):
(1) Any corporation organized under Act of Congress which is an instrumentality of the United States but only if such corporation—
(A) is exempt from Federal income taxes—
(i) under such Act as amended and supplemented before July 18, 1984, or
(ii) under this title without regard to any provision of law which is not contained in this title and which is not contained in a revenue Act, or
(B) is described in subsection (l).
(2) Corporations organized for the exclusive purpose of holding title to property, collecting income therefrom, and turning over the entire amount thereof, less expenses, to an organization which itself is exempt under this section. Rules similar to the rules of subparagraph (G) of paragraph (25) shall apply for purposes of this paragraph.
(3) Corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or to foster national or international amateur sports competition (but only
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 501
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Charitable, etc., organizations taxable at corporation rates**
(1) **Imposition of tax** — There is hereby imposed for each taxable year on the unrelated business taxable income (as defined in section 512) of every organization described in paragraph (2) a tax computed as provided in section 11. In making such computation for purposes of this section, the term “taxable income” as used in section 11 shall be read as “unrelated business taxable income”.
(2) **Organizations subject to tax**
(A) *Organizations described in sections 401(a) and 501(c)* — The tax imposed by paragraph (1) shall apply in the case of any organization (other than a trust described in subsection (b) or an organization described in section 501(c)(1)) which is exempt, except as provided in this part or part II (relating to private foundations), from taxation under this subtitle by reason of section 501(a).
(B) *State colleges and universities* — The tax imposed by paragraph (1) shall apply in the case of any college or university which is an agency or instrumentality of any government or any political subdivision thereof, or which is owned or operated by a government or any political subdivision thereof, or by any agency or instrumentality of one or more governments or political subdivisions. Such tax shall also apply in the case of any corporation wholly owned by one or more such colleges or universities.
**(b) Tax on charitable, etc., trusts**
(1) **Imposition of tax** — There is hereby imposed for each taxable year on the unrelated business taxable income of every trust described in paragraph (2) a tax computed as provided in section 1(e). In making such computation for purposes of this section, the term “taxable income” as used in section 1 shall be read as “unrelated business tax
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 511
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** In the case of a Native Corporation, there shall be allowed a deduction for any contributions made by such Native Corporation to a Settlement Trust (regardless of whether an election under section 646 is in effect for such Settlement Trust) for which the Native Corporation has made an annual election under subsection (e).
**(b) Amount of deduction** The amount of the deduction under subsection (a) shall be equal to—
(1) in the case of a cash contribution (regardless of the method of payment, including currency, coins, money order, or check), the amount of such contribution, or
(2) in the case of a contribution not described in paragraph (1), the lesser of—
(A) the Native Corporation’s adjusted basis in the property contributed, or
(B) the fair market value of the property contributed.
**(c) Limitation and carryover**
(1) **In general** — Subject to paragraph (2), the deduction allowed under subsection (a) for any taxable year shall not exceed the taxable income (as determined without regard to such deduction) of the Native Corporation for the taxable year in which the contribution was made.
(2) **Carryover** — If the aggregate amount of contributions described in subsection (a) for any taxable year exceeds the limitation under paragraph (1), such excess shall be treated as a contribution described in subsection (a) in each of the 15 succeeding years in order of time.
**(d) Definitions** For purposes of this section, the terms “Native Corporation” and “Settlement Trust” have the same meaning given such terms under section 646(h).
**(e) Manner of making election**
(1) **In general** — For each taxable year, a Native Corporation may elect to have this section apply for such taxable year on the income tax return or an amendment or supplemen
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 247
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Federal law — U.S. Code and appendices · legal_authorities
Page 1043
TITLE 26—INTERNAL REVENUE CODE
[§ 278
EFFECTIVE DATE
Pub. L. 89–368, title III, § 301(c), Mar. 15, 1966, 80 Stat.
67, provided that: ‘‘The amendments made by sub-
sections (a) and (b) [enacting this section] shall apply
to taxable years beginning after December 31, 1965, but
only with respect to amounts paid or incurred after the
date of the enactment of this Act [Mar. 15, 1966].’’
PROGRAM ADVERTISING FOR PRESIDENTIAL AND VICE-
PRESIDENTIAL NOMINATING CONVENTIONS
Pub. L. 90–346, June 18, 1968, 82 Stat. 183, provided for
advertising in a convention program of a national po-
litical convention, applicable with respect to amounts
paid or incurred on or after Jan. 1, 1968, prior to repeal
by Pub. L. 93–625, § 10(g), Jan. 3, 1975, 88 Stat. 2119.
§ 277. Deductions incurred by certain member-
ship organizations in transactions with mem-
bers
(a) General rule
In the case of a social club or other member-
ship organization which is operated primarily to
furnish services or goods to members and which
is not exempt from taxation, deductions for the
taxable year attributable to furnishing services,
insurance, goods, or other items of value to
members shall be allowed only to the extent of
income derived during such year from members
or transactions with members (including income
derived during such year from institutes and
trade shows which are primarily for the edu-
cation of members). If for any taxable year such
deductions exceed such income, the excess shall
be treated as a deduction attributable to fur-
nishing services, insurance, goods, or other
items of value to members paid or incurred in
the succeeding taxable year. The deductions pro-
vided by sections 243 and 245 (relating to divi-
dends received by corporations) shall not be al-
lowed
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 277
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.