(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.
