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INTERNAL REVENUE CODE OF 1954
the last day of such taxable year to the extent the allocations are attributable to income derived before the close of such year, (2) PATRONAGE DIVIDENDS, ETC.—Patronage dividends, refunds, and rebates to patrons with respect to their patronage in the same or preceding years (whether paid in cash, merchandise, capital stock, revolving fund certificates, retain certificates, certificates of indebtedness, letters of advice, or in some other manner that discloses to each patron the dollar amount of such dividend, refund, or rebate) shall be taken into account in computing taxable income in the same manner as in the case of a cooperative organization not exempt under section 521. Such dividends, refunds, and rebates made after the close of the taxable year and on or before the 15th day of the 9th month following the close of such year shall be considered as made on the last day of such taxable year to the extent the dividends, refunds, or rebates, are attributable to patronage occurring before the close of such year. PART IV—SHIPOWNERS' PROTECTION ASSOCIATIONS
AND
INDEMNITY
Sec. 526. 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; b u t such corporations shall be subject as other persons to the tax on their taxable income from interest, dividends, and rents.
1522(b)(1)(B)
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