### Question
How does the law define publicly offered regulated investment company?


### Answer
Under *26 U.S.C. § 67*, **publicly offered regulated investment company** is defined as:

> a regulated investment company the shares of which are—



(I) continuously offered pursuant to a public offering (within the meaning of section 4 of the Securities Act of 1933, as amended (15 U.S.C. 77a to 77aa)),



(II) regularly traded on an established securities market, or



(III) held by or for no fewer than 500 persons at all times during the taxable year

#### Citation:
  - *26 U.S.C. § 67*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter B-Computation of Taxable Income > PART I-DEFINITION OF GROSS INCOME, ADJUSTED GROSS INCOME, TAXABLE INCOME, ETC.**

