[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: 26CFR1.528-5]

[Page 238]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 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 
Sec. 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]