26 C.F.R. § 1.528-5 Source of income test.
Title 26 - Internal Revenue
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]
Title 26: Internal Revenue
PART 1—INCOME TAXES (CONTINUED)
Homeowners Associations
§ 1.528-5 Source of income test.
