26 C.F.R. § 1.528-5
Current through September 30, 2024
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.
26 C.F.R. §1.528-5