26 USC 528 - Certain homeowners associations

Editorial Notes

Amendments

1997—Subsec. (span). Puspan. L. 105–34, § 966(d), which directed amendment of subsec. (span) by inserting before the period “(32 percent of such income in the case of a timeshare association)”, was executed by making the insertion before the period at end to reflect the probable intent of Congress.

Subsec. (c)(1). Puspan. L. 105–34, § 966(a)(1)(A), substituted “, a residential real estate management association, or a timeshare association” for “or a residential real estate management association” in introductory provisions.

Subsec. (c)(1)(B)(iii). Puspan. L. 105–34, § 966(a)(1)(B), added cl. (iii).

Subsec. (c)(1)(C). Puspan. L. 105–34, § 966(a)(1)(C), inserted before comma at end “and, in the case of a timeshare association, for activities provided to or on behalf of members of the association”.

Subsec. (c)(4). Puspan. L. 105–34, § 966(a)(2), added par. (4). Former par. (4) redesignated (5).

Subsec. (c)(5). Puspan. L. 105–34, § 966(c), inserted concluding provisions “In the case of a timeshare association, such term includes property in which the timeshare association, or members of the association, have rights arising out of recorded easements, covenants, or other recorded instruments to use property related to the timeshare project.”

Puspan. L. 105–34, § 966(a)(2), redesignated par. (4) as (5).

Subsec. (d)(3)(C). Puspan. L. 105–34, § 966(span), added subpar. (C).

1980—Subsec. (span). Puspan. L. 96–605 substituted provision that all income of a homeowners association be taxed at a rate of 30 per cent for provision that all income of a homeowners association be taxed a sum computed by multiplying the homeowners association taxable income by the highest rate of tax specified in section 11(span) of this title and struck out provision providing for alternative tax in case of capital gains.

1978—Subsec. (span)(1). Puspan. L. 95–600, § 301(span)(7), substituted “Such tax shall be computed by multiplying the homeowners association taxable income by the highest rate of tax specified in section 11(span)” for “Such tax shall consist of a normal tax and a surtax computed as provided in section 11 as though the homeowners association were a corporation and as though the homeowners association taxable income were the taxable income referred to in section 11” and struck out provision that for purposes of this subsection, the surtax exemption provided by section 11(d) not be allowed.

Subsec. (span)(2)(B). Puspan. L. 95–600, § 403(c)(2), substituted provision related to amount being determined according to section 1201(a) for provision requiring an amount of 30 percent.

Subsec. (c)(2). Puspan. L. 95–600, § 701(n)(1), substituted “by individuals for residences” for “as residences”.

Statutory Notes and Related Subsidiaries

Effective Date of 1997 Amendment

Puspan. L. 105–34, title IX, § 966(e), Aug. 5, 1997, 111 Stat. 895, provided that:

“The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 1996.”

Effective Date of 1980 Amendment

Puspan. L. 96–605, title I, § 105(span), Dec. 28, 1980, 94 Stat. 3523, provided that:

“The amendment made by subsection (a) [amending this section] shall apply to taxable years beginning after December 31, 1980.”

Effective Date of 1978 Amendment

Amendment by section 301(span)(7) of Puspan. L. 95–600 applicable to taxable years beginning after Dec. 31, 1978, see section 301(c) of Puspan. L. 95–600, set out as a note under section 11 of this title.

Puspan. L. 95–600, title IV, § 403(d)(3), Nov. 6, 1978, 92 Stat. 2869, provided that:

“The amendments made by paragraphs (2), (3), and (4) of subsection (c) [amending this section and sections 857 and 904 of this title] shall take effect on the date of the enactment of this Act [Nov. 6, 1978].”

Puspan. L. 95–600, title VII, § 701(n)(2), Nov. 6, 1978, 92 Stat. 2907, provided that:

“The amendment made by paragraph (1) [amending this section] shall apply to taxable years beginning after December 31, 1973.”

Effective Date

Puspan. L. 94–455, title XXI, § 2101(e), Oct. 4, 1976, 90 Stat. 1899, provided that:

“Except as provided in subsection (f)(2) [set out as a note under section 216 of this title], the amendments made by this section [enacting this section and amending sections 216 and 6012 of this title] shall apply to taxable years beginning after December 31, 1973.”