1.501(d)-1. Religious and apostolic associations
or corporations
(a) Religious or apostolic associations or corporations are
described in section 501(d) and are exempt from taxation under
section 501(a) if they have a common treasury or community treasury,
even though they engage in business for the common benefit of
the members, provided each of the members includes (at the time
of filing his return) in his gross income his entire pro rata
share, whether distributed or not, of the net income of the
association or corporation for the taxable year of the association
or corporation ending with or during his taxable year. Any amount
so included in the gross income of a member shall be treated
as a dividend received.
(b) For annual return requirements of organizations
described in section 501(d), see section 6033 and paragraph
(a)(5) of §1.6033-1. [Reg. §1.501(d)-1.]
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