((a)) ** In general** This part shall apply to—

((1)) any organization exempt from tax under section 521 (relating to exemption of farmers’ cooperatives from tax), and

((2)) any corporation operating on a cooperative basis other than an organization—

((A)) which is exempt from tax under this chapter,

((B)) which is subject to the provisions of—

((i)) part II of subchapter H (relating to mutual savings banks, etc.), or

((ii)) subchapter L (relating to insurance companies), or

((C)) which is engaged in furnishing electric energy, or providing telephone service, to persons in rural areas.

((b)) ** Tax on certain farmers’ cooperatives** An organization described in subsection (a)(1) shall be subject to the tax imposed by section 11.

((c)) ** Cross reference** For treatment of income from load loss transactions of organizations described in subsection (a)(2)(C), see section 501(c)(12)(H).