[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]