A. Farmers' cooperatives. An organization described under federal law as a farmer's cooperative shall be exempt from income taxation under this Part to the extent such organization is exempt from income tax at federal law. B. All cooperatives. (1) Any cooperative taxable under federal law shall be taxed under this Part on its Louisiana taxable income. (2) For purposes of this Subsection: (a) "Net income" means the taxable income of a cooperative determined in accordance with federal law applicable to cooperatives and their patrons. (b) "Gross income" and "deductions from gross income" have the same meanings herein as in federal law pertaining to cooperatives and their patrons.
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