### Question
How is the term exempt function income defined?


### Answer
The term **exempt function income** is defined in *26 U.S.C. § 528* as the following:

> any amount received as membership dues, fees, or assessments from—


(A) owners of condominium housing units in the case of a condominium management association,


(B) owners of real property in the case of a residential real estate management association, or


(C) owners of timeshare rights to use, or timeshare ownership interests in, real property in the case of a timeshare association

#### Citation:
  - *26 U.S.C. § 528*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter F-Exempt Organizations > PART VII-CERTAIN HOMEOWNERS ASSOCIATIONS**

