[Code of Federal Regulations]
[Title 26, Volume 7]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.501(d)-1]

[Page 40]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.501(d)-1  Religious and apostolic associations or corporations.

    (a) Religious or apostolic associations or corporations are 
described in section 501(d) and are exempt from taxation under section 
501(a) if they have a common treasury or community treasury, even though 
they engage in business for the common benefit of the members, provided 
each of the members includes (at the time of filing his return) in his 
gross income his entire pro rata share, whether distributed or not, of 
the net income of the association or corporation for the taxable year of 
the association or corporation ending with or during his taxable year. 
Any amount so included in the gross income of a member shall be treated 
as a dividend received.
    (b) For annual return requirements of organizations described in 
section 501(d), see section 6033 and paragraph (a)(5) of Sec. 1.6033-1.