tenant-stockholder’s proportionate share
(3) Tenant-stockholder’s proportionate share (A) In general Except as provided in subparagraph (B), the term “tenant-stockholder’s proportionate share” means that proportion which the stock of the cooperative housing corporation owned by the tenant-stockholder is of the total outstanding stock of the corporation (including any stock held by the corporation). (B) Special rule where allocation of taxes or interest reflect cost to corporation of stockholder’s unit (i) In general If, for any taxable year— (I) each dwelling unit owned or leased by a cooperative housing corporation is separately allocated a share of such corporation’s real estate taxes described in subsection (a)(1) or a share of such corporation’s interest described in subsection (a)(2), and (II) such allocations reasonably reflect the cost to such corporation of such taxes, or of such interest, attributable to the tenant-stockholder’s dwelling unit (and such unit’s share of the common areas), then the term “tenant-stockholder’s proportionate share” means the shares determined in accordance with the allocations described in subclause (II). (ii) Election by corporation required Clause (i) shall apply with respect to any cooperative housing corporation only if such corporation elects its application. Such an election, once made, may be revoked only with the consent of the Secretary.