Section 521

Section 521

A section of the Internal Revenue Code in the United States exempting cooperatives of farmers, fruit growers, and similar person from taxation. These cooperatives must file Form 1028 to apply for this exemption.
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While there are other remedies available to prevent "substantial abuse" of the bankruptcy process, the trustee's requested form of relief under Section 521, an involuntary covenant not to compete, was simply not one available in the Bankruptcy Code, she said.
For the first time, the Department has exercised its authority under Section 521 of the Employee Retirement Income Security Act (ERISA) to issue cease and desist orders to prevent further marketing of the plan.
In filing House Resolution 2465, they noted that Section 521 of RA 7160 mandates that the Code be reviewed every five years.
Even Section 521 cooperatives--by having more pass-through opportunities than Subchapter T cooperatives--are subject to limits on dividends from capital stock and member business must exceed that from non-members.
In particular, this can be very apparent to Agriculture Cooperatives structured under Section 521 of the IRS Code.
need to be made to Section 521 (a) clarifying that the act applies to
(8) The first paragraph of both section 521 and section 522 of the SCRA now states as follows: "Applicability of section.
(122) Subchapter T applies to both exempt section 521 farmers' cooperatives and nonexempt cooperatives.
The Rural Housing Service's (RHS) Section 521 Rental Assistance Program provides rental subsidies to about 250,000 rural tenants through 5-year contracts with project owners; 20-year contracts were also issued from 1978 through 1982.
Section 521 on liability for failure to disclose required information reads as follows: Failure of the corporation to comply in good faith with the notice or disclosure or reporting provisions of section 501 (stock and shares prohibited; membership certificates authorized), or paragraph (c) of section 503 (capital certificates), or paragraph (c) of section 505 (subvention certificates), or paragraph (c) of section 513 (administration of assets received for specific purposes), or section 518 (reports to comptroller) [section 518 has been repealed, but the cross-reference has not been corrected], or section 519 (annual report of directors), or section 520 (reports of corporation), shall make the corporation liable for any damage sustained by any person in consequence thereof.
(2) At the same time, the exemption equivalent amount (now the applicable exclusion amount)--the amount that can pass free from estate tax--is scheduled to increase as follows, under EGTRRA Section 521 (a): Year Amount 2002 and 2003 $1 million 2004 and 2005 $1.5 million 2006-2008 $2 million 2009 $3.5 [million.sup.3] 2010 unlimited 2011 and thereafter $1 [million.sup.4]
WHEREAS, based on a previous ruling concerning a Section 521 farmer cooperative, the TAM concluded that the gross income of subsidiaries of 501(c)(12) organizations is nonmember income for purposes of the 85% member income test; and,
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