1.501(c)(14)-1. Credit unions and mutual insurance
funds. --Credit unions (other than Federal credit unions described
in section 501(c)(1)) without capital stock, organized and operated
for mutual purposes and without profit, are exempt from tax
under section 501(a). Corporations or associations without capital
stock organized before September 1, 1951, and operated for mutual
purposes and without profit for the purpose of providing reserve
funds for, and insurance of, shares or deposits in:
(a) Domestic building and loan associations as defined in section
7701(a)(19),
(b) Cooperative banks without capital stock
organized and operated for mutual purposes and without profit,
or
(c) Mutual savings banks not having capital
stock represented by shares,
are also exempt from tax under section
501(a). In addition, corporations or associations of the type
described in the preceding sentence which were organized on
or after September 1, 1951, but before September 1, 1957, are
exempt from tax under section 501(a) for taxable years beginning
after December 31, 1959. [Reg. §1.501(c)(14)-1.]
Presented by Alvin Brown and Associates,
tax attorney, formerly with the Office of the Chief Counsel of the
IRS.
Call us for all IRS tax issues, problems and emergencies
Protect yourself from IRS intimidation, errors, and penalties.
www.irstaxattorney.com- ab@irstaxattorney.com -
(888)
712-7690 - (703) 425-1400