[Code of Federal Regulations]
[Title 26, Volume 9]
[Revised as of April 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.851-1]

[Page 10]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1--INCOME TAXES--Table of Contents
 
Sec. 1.851-1  Definition of regulated investment company.

    (a) In general. The term ``regulated investment company'' is defined 
to mean any domestic corporation (other than a personal holding company 
as defined in section 542) which meets (1) the requirements of section 
851(a) and paragraph (b) of this section, and (2) the limitations of 
section 851(b) and Sec. 1.851-2. As to the definition of the term 
``corporation'', see section 7701(a)(3).
    (b) Requirement. To qualify as a regulated investment company, a 
corporation must be:
    (1) Registered at all times during the taxable year, under the 
Investment Company Act of 1940, as amended (15 U.S.C. 80a-1 to 80b-2), 
either as a management company or a unit investment trust, or
    (2) A common trust fund or similar fund excluded by section 3(c)(3) 
of the Investment Company Act of 1940 (15 U.S.C. 80a-3(c)) from the 
definition of ``investment company'' and not included in the definition 
of ``common trust fund'' by section 584(a).