§ 7-8-19 - Application of corporation and franchise taxes to associations without stock.
SECTION 7-8-19
§ 7-8-19 Application of corporation andfranchise taxes to associations without stock. – (a) For the purposes of taxation, under chapters 11 and 12 of title 44, of anassociation formed under this chapter without capital stock, the words "share"and "stock" and "capital stock" are construed to include within their meaningmemberships in the association.
(b) For the purposes of taxation under chapter 11 of title44, of an association formed under this chapter without capital stock, the tax,if any, is based on the number of memberships outstanding in the association.
(c) The par value of the memberships shall, for the purposesof computing the amount of tax due under chapters 11 and 12 of title 44, betaken as the amount for which the memberships were issued.