26 C.F.R. § 1.528-5. - § 1.528-5 Source of Income Test.

Current as of January 1, 1970

Section 1.528-5 - § 1.528-5 Source of Income Test.Section 1.528-5 - § 1.528-5 Source of Income Test.

Section 1.528-4 - § 1.528-4 Substantiality Test.Section 1.528-6 - § 1.528-6 Expenditure Test.

§ 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]

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