An US investment company that meets certain tax requirements regarding its assets, income and distributions. Mutual funds and closed-end investment companies typically are classified as RICs. Generally, a RIC must:
• Meet an asset diversification test.
• Derive at least 90% of its income from investment activities.
• Annually distribute at least 90% of this income to its stockholders.
RICs are not subject to an entity level tax on income from investment activities that it distributes to its stockholders. Instead, this income passes through to the RIC stockholders who include their share of these items on their individual income tax returns.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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