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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 26 - Internal Revenue |
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Chapter I - Internal Revenue Service, Department of the Treasury |
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SubChapter A - Income Tax |
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Part 1 - Income Taxes |
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Homeowners Associations |
§ 1.528-5 - Source of income test.
Latest version.
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§ 1.528-5 Source of income test.
An organization cannot qualify as a homeowners association under section 528 for a taxable year unless 60 percent or more of its gross income for such taxable year is exempt function income as defined in § 1.528-9. The determiniation of whether an organization meets the provisions of this section shall be made after the close of the organization's taxable year.
[T.D. 7692, 45 FR 26322, Apr. 18, 1980]