26 U.S.C. § 526 : US Code - Section 526: Shipowners' protection and indemnity associations

Search 26 U.S.C. § 526 : US Code - Section 526: Shipowners' protection and indemnity associations

There shall not be included in gross income the receipts of
shipowners' mutual protection and indemnity associations not
organized for profit, and no part of the net earnings of which
inures to the benefit of any private shareholder; but such
corporations shall be subject as other persons to the tax on their
taxable income from interest, dividends, and rents.