Publication 598 |
2001 Tax Year |
Special Rules for Veterans' Organizations
Unrelated business taxable income of a veterans' organization that
is exempt under section 501(c)(19) does not include the net income
from insurance business that is properly set aside. The organization
may set aside income from payments received for life, sick, accident,
or health insurance for the organization's members or their dependents
for the payment of insurance benefits or reasonable costs of insurance
administration, or for use exclusively for religious, charitable,
scientific, literary, or educational purposes, or the prevention of
cruelty to children or animals. For details, see section 512(a)(4) and
the regulations under that section.
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