(Download) "Four County Electric Membership Corp. v. Powers" by Court of Appeals of North Carolina No. 8910SC34 " eBook PDF Kindle ePub Free
eBook details
- Title: Four County Electric Membership Corp. v. Powers
- Author : Court of Appeals of North Carolina No. 8910SC34
- Release Date : January 05, 1989
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 69 KB
Description
Four County is a nonprofit electric cooperative corporation organized pursuant to Chapter 117 of the North Carolina General Statutes. It also meets the requirements for tax exempt status under section 501(c)(12) of the Internal Revenue Code. Each month Four County sends bills to its customers (who are also considered to be members of the cooperative) for electricity furnished. From these amounts received, Four County, pursuant to its bylaws, allocates on its books and records part of each customer's payment as ""patronage capital."" Four County has stipulated that the term ""patronage capital"" means ""total revenues received by Four County Electric Membership Corporation from monthly billings to its members for electrical service rendered less related operating expenses arising from furnishing such electricity, including interest payments upon any debt capital used in providing electric service as well as depreciation upon operating facilities and equipment."" The Taxpayer has also stipulated that patronage capital is determined after the close of its fiscal year, and that at the time of rendering bills, it cannot determine the amount of a bill which will go to patronage capital.
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