Commingled Fund [Internal Revenue] Law and Legal Definition

Pursuant to 26 CFR 1.148-1 (b) [Title 26 Internal Revenue; Chapter I Internal Revenue Service, Department of the Treasury; Subchapter A Income Tax; Part 1 Income Taxes; Normal Taxes and Surtaxes; Computation of Taxable Income; Tax Exemption Requirements for State and Local Bonds], the term Commingled Fund means “any fund or account containing both gross proceeds of an issue and amounts in excess of $ 25,000 that are not gross proceeds of that issue if the amounts in the fund or account are invested and accounted for collectively, without regard to the source of funds deposited in the fund or account. An open-end regulated investment company under section 851 [26 USCS § 851], however, is not a commingled fund.”