Internal Revenue Service
Revenue Ruling

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 Rev. Rul. 55-26

1955-1 C.B. 338

Sec. 521

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Rev. Rul. 55-26

Farmers' cooperative marketing and purchasing associations, whose bylaws set forth a definite pre-existing obligation of the association to make distribution to patrons of a portion of the net profits as patronage dividends, may have such dividends excluded from income for Federal income tax purposes regardless of whether the corporate name contains the word `cooperative.