### Question
How is the "cooperative housing corporation" defined?


### Answer
The term **cooperative housing corporation** is defined in *26 U.S.C. § 216* as follows -

> a corporation—


(A) having one and only one class of stock outstanding,


(B) each of the stockholders of which is entitled, solely by reason of his ownership of stock in the corporation, to occupy for dwelling purposes a house, or an apartment in a building, owned or leased by such corporation,


(C) no stockholder of which is entitled (either conditionally or unconditionally) to receive any distribution not out of earnings and profits of the corporation except on a complete or partial liquidation of the corporation, and


(D) meeting 1 or more of the following requirements for the taxable year in which the taxes and interest described in subsection (a) are paid or incurred:


(i) 80 percent or more of the corporation's gross income for such taxable year is derived from tenant-stockholders

#### Citation:
  - *26 U.S.C. § 216*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter B-Computation of Taxable Income > PART VII-ADDITIONAL ITEMIZED DEDUCTIONS FOR INDIVIDUALS**

