Internal Revenue Code Section 216 – Cooperatives (2024)

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Internal Revenue Code Section 216 – Cooperatives? ›

The section of the U.S. federal tax law that permits individual cooperative members to deduct mortgage interest and property tax on their income tax returns just like other homeowners do.

26 U.S. Code § 216 - Deduction of taxes, interest, and business depreciation by cooperative housing corporation tenant-stockholder. in the acquisition of the land on which the houses (or apartment building) are situated.

Section 216(b)(5) as amended provides that in certain circ*mstances a person may be eligible for tenant-stockholder status despite an agreement with the cooperative housing corporation that the person or the person's nominee may not occupy the house or apartment without the prior approval of the cooperative housing ...

The term “cooperative housing corporation” means a corporation— 216(b)(1)(A) Having one and only one class of stock outstanding, 216(b)(1)(B)

Section 217(b) defines the term moving expenses to mean only the reasonable expenses (i) of moving household goods and personal effects from the taxpayer's former residence to his new residence, (ii) of traveling (including meals and lodging) from the taxpayer's former residence to his new place of residence, (iii) of ...

“(a) General Rule. — In the case of an individual, there shall be allowed as a deduction an amount equal to the alimony or separate maintenance payments paid during such individual's taxable year. “(b) Alimony Or Separate Maintenance Payments Defined.

Section 162(m)(1) provides that in the case of any publicly held corporation, no deduction is allowed for applicable employee remuneration with respect to any covered Page 3 employee to the extent that the amount of the remuneration for the taxable year exceeds $1,000,000.

(a) General rule. The grantor shall be treated as the owner of any portion of a trust, whether or not he is treated as such owner under any other provision of this part, where at any time the power to revest in the grantor title to such portion is exercisable by the grantor or a non-adverse party, or both.

Section 213 of the Code generally allows a deduction for expenses paid during the taxable year for medical care if certain requirements are met. Expenses for medical care under section 213 of the Code also are eligible to be paid or reimbursed under an HSA, FSA, Archer MSA, or HRA.

Except as otherwise expressly provided in this chapter, no deduction shall be allowed for personal, living, or family expenses.

What is Section 214 of the Internal Revenue Code? ›

Section 214 - Property used for religious, hospital, scientific, or charitable purposes (a) Property used exclusively for religious, hospital, scientific, or charitable purposes owned and operated by community chests, funds, foundations, limited liability companies, or corporations organized and operated for religious, ...