26 U.S.C. § 997 — Special subchapter C rules

FEDERAL · 26 U.S.C. · Chapter 1

Special subchapter C rules

Current through Pub. L. 119-102

Title 26 — Internal Revenue Code·Ch. 1 — NORMAL TAXES AND SURTAXES·Subch. N·Pt. IV

For purposes of applying the provisions of subchapter C of chapter 1, any distribution in property to a corporation by a DISC or former DISC which is made out of previously taxed income or accumulated DISC income shall—

(1)be treated as a distribution in the same amount as if such distribution of property were made to an individual, and

(2)have a basis, in the hands of the recipient corporation, equal to the amount determined under paragraph (1).

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For purposes of applying the provisions of subchapter C of chapter 1, any distribution in property to a corporation by a DISC or former DISC which is made out of previously taxed income or accumulated DISC income shall—
(1) be treated as a distribution in the same amount as if such distribution of property were made to an individual, and
(2) have a basis, in the hands of the recipient corporation, equal to the amount determined under paragraph (1).

26 U.S.C. § 997 (Special subchapter C rules) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(Added Pub. L. 92–178, title V, §501, Dec. 10, 1971, 85 Stat. 549.)

Editorial Notes

Editorial Notes

Amendments
1976—Pub. L. 94–455, title X, §1064(a), Oct. 4, 1976, 90 Stat. 1650, added part heading and analysis of sections.

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History

Editorial Notes