Doctrine of mutuality limits tax exemption to common funds where contributors are identical and no profit motive. Doctrine of mutuality treats surpluses in a common fund as accretions to that fund rather than taxable income where there is identity of contributors and ... Summary
Doctrine of mutuality limits tax exemption to common funds where contributors are identical and no profit motive.
Doctrine of mutuality treats surpluses in a common fund as accretions to that fund rather than taxable income where there is identity of contributors and recipients, the association acts as an instrument of its members, and contributors cannot derive profit from their contributions; commercial operations with non-members or a profit motive negate mutuality.
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