26 CFR § 1.501(c)(14)-1

26 CFR · Internal Revenue

§ 1.501(c)(14)-1 — Credit unions and mutual insurance funds.

TitleTitle 26: Internal Revenue PartPart 1: Income Taxes

SourceeCFR (current through Mar 20, 2026)

This text of 26 C.F.R. § 1.501(c)(14)-1 (Credit unions and mutual insurance funds.) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

26 C.F.R. § 1.501(c)(14)-1 (2026).

Text

§ 1.501(c)(14)-1 Credit unions and mutual insurance funds. Credit unions (other than Federal credit unions described in section 501(c)(1)) without capital stock, organized and operated for mutual purposes and without profit, are exempt from tax under section 501(a). Corporations or associations without capital stock organized before September 1, 1951 and operated for mutual purposes and without profit for the purpose of providing reserve funds for, and insurance of, shares or deposits in:

(a)Domestic building and loan associations as defined in section 7701(a)(19),

(b)Cooperative banks without capital stock organized and operated for mutual purposes and without profit, or

(c)Mutual savings banks not having capital stock represented by shares are also exempt from tax under section 50

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§ 1.501(c)(14)-1 Credit unions and mutual insurance funds.

Credit unions (other than Federal credit unions described in section 501(c)(1)) without capital stock, organized and operated for mutual purposes and without profit, are exempt from tax under section 501(a). Corporations or associations without capital stock organized before September 1, 1951 and operated for mutual purposes and without profit for the purpose of providing reserve funds for, and insurance of, shares or deposits in:

(a) Domestic building and loan associations as defined in section 7701(a)(19),

(b) Cooperative banks without capital stock organized and operated for mutual purposes and without profit, or

(c) Mutual savings banks not having capital stock represented by shares

are also exempt from tax under section 501(a). In addition, corporations or associations of the type described in the preceding sentence which were organized on or after September 1, 1951, but before September 1, 1957, are exempt from tax under section 501(a) for taxable years beginning after December 31, 1959.

[T.D. 6493, 25 FR 9219, Sept. 27, 1960]