Internal Revenue Code (Title 26 U.S.C.)
26 U.S.C. § 115
Income of States, municipalities, etc.
Official textgovinfo.govlast amended
Gross income does not include—
# (1)
income derived from any public utility or the exercise of any essential governmental function and accruing to a State or any political subdivision thereof, or the District of Columbia; or
# (2)
income accruing to the government of any possession of the United States, or any political subdivision thereof.
Source: view the official text
Nearby sections (25 sections)
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