Patronage Earnings and Patronage Losses Law and Legal Definition

According to 26 USCS § 1388 [Title 26. Internal Revenue Code; Subtitle A. Income Taxes; Chapter 1. Normal Taxes and Surtaxes; Subchapter T. Cooperatives and their Patrons; Part III. Definitions; Special Rules], patronage earnings and patronage losses means “earnings and losses, respectively, which are derived from business done with or for patrons of the organization.”