- are associations of merchants;
- are governed by the statutory bodies;
- have obtained license to be such company;
- are subject to a lower corporate income tax rate.
- must be a domestic company,
- which is registered under the Investment Company Act of 1940, as a management company or unit investment trust, or
- has in effect an election under such Act to be treated as a business development company, or
- which is a
common trust fund or similar fund excluded by section 3(c)(3) of such Act from
the definition of “investment company” and is not included in the definition of
“common trust fund” by section 584 (a).
(ii) net income derived from an interest in a qualified publicly traded partnership.
- the securities of any one issuer, (here securities do not include Government securities or the securities of other RICs);
- the securities of 2 or more issuers which the taxpayer controls and which are determined, under regulations prescribed by the Secretary, to be engaged in the same or similar trades or businesses or related trades or businesses, (here securities do not include the securities of other RICs) or
- the securities of one or more qualified publicly traded partnerships.