Source: http://taxtv.com/code/00277-USCODE-2011-title26-subtitleA-chap1-subchapB-partIX-sec277/
Timestamp: 2017-11-20 17:21:02
Document Index: 737365711

Matched Legal Cases: ['§277', '§277', '§277', '§121', '§1', '§1604']

IRC §277. Deductions incurred by certain membership organizations in transactions with members - TaxTV.com
IRC §277. Deductions incurred by certain membership organizations in transactions with members
View related content: IRC §277
In the case of a social club or other membership organization which is operated primarily to furnish services or goods to members and which is not exempt from taxation, deductions for the taxable year attributable to furnishing services, insurance, goods, or other items of value to members shall be allowed only to the extent of income derived during such year from members or transactions with members (including income derived during such year from institutes and trade shows which are primarily for the education of members). If for any taxable year such deductions exceed such income, the excess shall be treated as a deduction attributable to furnishing services, insurance, goods, or other items of value to members paid or incurred in the succeeding taxable year. The deductions provided by sections 243, 244, and 245 (relating to dividends received by corporations) shall not be allowed to any organization to which this section applies for the taxable year.
(Added Pub. L. 91–172, title I, §121(b)(3)(A), Dec. 30, 1969, 83 Stat. 540; amended Pub. L. 94–568, §1(c), Oct. 20, 1976, 90 Stat. 2697; Pub. L. 99– 4, title XVI, §1604(a), Oct. 22, 1986, 100 Stat. 2769.)
Section 1604(b) of Pub. L. 99– 4 provided that: “The amendment made by this section [amending this section] shall apply to taxable years beginning after the date of the enactment of this Act [Oct. 22, 1986].”
Section applicable to taxable years beginning after Dec. 31, 1970, see section 121(g) of Pub. L. 91–172, set out as an Effective Date of 1969 Amendment note under section 1 of this title.