Tax Equalization Act

Summary

Tax Equalization Act - Provides that no deduction or any other allowance which has the effect of reducing gross income shall be permitted to cooperative corporations for amounts paid or accrued as "patronage dividends by such corporations." assets or that is otherwise operated for the mutual benefit of persons that deal with it. Defines patronage dividends as allocations paid to members on some basis related to their transaction with the cooperative corporation if the allocation is based on profit margins, income income from the resale of the producers products, or dividends declared. Allows the tax exclusion for patronage dividends with respect to farmer's cooperative associations.

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1 official file

• Introduced in House

  summary · EN · 28 February 1973

  Open at official source

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