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Tax Lawyer, Vol. 55, No. 2TAX-EXEMPT ELECTRIC COOPERATIVES 585 585 TAX-EXEMPT ELECTRIC COOPERATIVES: A DISCUSSION OF ISSUES RELATING TO THE 85% MEMBER INCOME REQUIREMENT Clayton S. Reynolds* I. INTRODUCTION Section 501(c)(12) of the Code provides a tax exemption for certain life insurance associations, ditch and irrigation companies, cooperative telephone companies, and other “like organizations” in years during which 85% or more of the entity’s “income” consists of “member income” or, more...

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