Gross income does not include—
(1) income derived from any public utility or the exercise of any essential governmental function and accruing to a State or any political subdivision thereof, or the District of Columbia; or
(2) income accruing to the government of any possession of the United States, or any political subdivision thereof.
Cited in 1 Tax Court opinion, 0 orders, and 0 briefs.
Current through Pub. L. 119-102 (2026-07-12).
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