Texas Tax Code 171.088 – Exemption–Noncorporate Entity Eligible for Certain Exemptions
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Terms Used In Texas Tax Code 171.088
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
An entity that is not a corporation but that, because of its activities, would qualify for a specific exemption under this subchapter if it were a corporation, qualifies for the exemption and is exempt from the tax in the same manner and under the same conditions as a corporation.