
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC526]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                        Subtitle A--Income Taxes
 
                  CHAPTER 1--NORMAL TAXES AND SURTAXES
 
                   Subchapter F--Exempt Organizations
 
        PART V--SHIPOWNERS' PROTECTION AND INDEMNITY ASSOCIATIONS
 
Sec. 526. Shipowners' protection and indemnity associations

    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.

(Aug. 16, 1954, ch. 736, 68A Stat. 178.)
