Title 26 — Internal Revenue CodeRelease 119-73not60
§526 Shipowners’ Protection and Indemnity Associations
Title 26 › Subtitle Subtitle A— Income Taxes › Chapter 1— NORMAL TAXES AND SURTAXES › Subchapter F— Exempt Organizations › Part V— SHIPOWNERS’ PROTECTION AND INDEMNITY ASSOCIATIONS › § 526
Summary
Nonprofit shipowners’ protection and indemnity associations’ receipts are excluded from income if no private shareholder benefits, but pay tax on interest, dividends, rents.
Full Legal Text
Title 26, §526
Internal Revenue Code — Source: USLM XML via OLRC
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.
Reference
Citations & Metadata
Citation
26 U.S.C. § 526
Title 26 — Internal Revenue Code
Last Updated
Apr 5, 2026
Release point: 119-73not60