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INTERNAL REVENUE CODE OF 1954
(b) DEFINITIONS.—For purposes of this section— (1) COOPERATIVE HOUSING CORPORATION.—The term "cooperative housing corporation" means a corporation— (A) having one and only one class of stock outstanding, (B) each of the stockholders of which is entitled, solely by reason of his ownership of stock in the corporation, to occupy for dwelling purposes a house, or an apartment in a building, owned or leased by such corporation, (C) no stockholder of which is entitled (either conditionally or unconditionally) to receive any distribution not out of earnings and profits of the corporation except on a complete or partial liquidation of the corporation, and (D) 80 percent or more of the gross income of which for the taxable year in which the taxes and interest described in subsection (a) are paid or incurred is derived from tenantstockholders. (2) TENANT-STOCKHOLDER.—The
term
"tenant-stockholder"
means an individual who is a stockholder in a cooperative housing corporation, and whose stock is fully paid-up in an amount not less than an amount shown to the satisfaction of the Secretary or his delegate as bearing a reasonable relationship to the portion of the value of the corporation's equity in the houses or apartment building and the land on which situated which is attributable to the house or apartment which such individual is entitled to occupy. (3) The term "tenant-stockholder's proportionate share" means that proportion which the stock of the cooperative housing corporation owned by the tenant-stockholder is of the total outstanding stock of the corporation (including any stock held by the corporation). SEC. 217. CROSS REFERENCES. (1) For deduction for long-term capital gains in the case of a taxpayer other than a corporation, see section 1202. (2) For deductions in respect of a decedent, see section 691.
PART VIII—SPECIAL DEDUCTIONS FOR CORPORATIONS Sec. Sec. Sec. Sec. Sec, Sec, Sec.
241. 242. 243. 244. 245. 246. 247.
Allowance of special deductions Partially tax-exempt interest. Dividends received by corporations. Dividends received on certain preferred stock. Dividends received from certain foreign corporations. Rules applying to deductions for dividends received. Dividends paid on certain preferred stock of public utilities. Sec. 248. Organizational expenditures. SEC. 241. ALLOWANCE OF SPECIAL
DEDUCTIONS.
I n addition to the deductions provided in part VI (sec. 161 and following), there shall be allowed as deductions in computing taxable income the items specified in this part. SEC. 242. PARTIALLY TAX-EXEMPT INTEREST. (a) ALLOWANCE OF DEDUCTION.—There shall be allowed to a cor-
poration as a deduction the amount received as interest on obligations § 216(b)
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