Income of States, municipalities, etc.

26 U.S.C. § 115
in effect
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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.
26 U.S.C. § 115 — Income of States, municipalities, etc | United States Code | Corpus