A bill to amend section 501 (c) (12) of the Internal Revenue Code of 1954 (relating to the taxation of telephone cooperatives).

[AI summary unavailable — showing source text] Excludes, for determination of income tax exemption, income of a mutual or cooperative telephone company derived from services performed for a nonmember telephone company from the requirement that 85 percent of income of such companies consist of amounts collected from members for meeting losses and expenses.…