eligible worker-owned cooperative

(2) Eligible worker-owned cooperative The term “eligible worker-owned cooperative” means any organization— (A) to which part I of subchapter T applies, (B) a majority of the membership of which is composed of employees of such organization, (C) a majority of the voting stock of which is owned by members, (D) a majority of the board of directors of which is elected by the members on the basis of 1 person 1 vote, and (E) a majority of the allocated earnings and losses of which are allocated to members on the basis of— (i) patronage, (ii) capital contributions, or (iii) some combination of clauses (i) and (ii).


26 USC § 1042(c)(2)

Scoping language

For purposes of this section
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