[Code of Federal Regulations]
[Title 26, Volume 11]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.1381-1]

[Page 786]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.1381-1  Organizations to which part applies.

    (a) In general. Except as provided in paragraph (b) of this section, 
part I, subchapter T, chapter 1 of the Code, applies to any corporation 
operating on a cooperative basis and allocating amounts to patrons on 
the basis of the business done with or for such patrons.
    (b) Exceptions. Part I of such subchapter T does not apply to:
    (1) Any organization which is exempt from income taxes under chapter 
1 of the Code (other than an exempt farmers' cooperative described in 
section 521);
    (2) Any organization which is subject to the provisions of part II 
(section 591 and following), subchapter H, chapter 1 of the Code 
(relating to mutual savings banks, etc.);
    (3) Any organization which is subject to the provisions of 
subchapter L (section 801 and following), chapter 1 of the Code 
(relating to insurance companies); or
    (4) Any organization which is engaged in generating, transmitting, 
or otherwise furnishing electric energy, or which provides telephone 
service, to persons in rural areas. The terms rural areas and telephone 
service shall have the meaning assigned to them in section 5 of the 
Rural Electrification Act of 1936, as amended (7 U.S.C. 924).

[T.D. 6643, 28 FR 3153, Apr. 2, 1963]