Source: http://taxtv.com/code/00252-USCODE-2011-title26-subtitleA-chap1-subchapB-partVIII-sec246/
Timestamp: 2017-10-24 04:14:29
Document Index: 590163212

Matched Legal Cases: ['§246', '§246', '§18', '§214', '§434', '§2', '§502', '§10', '§1906', '§213', '§53', '§801', '§611', '§1275', '§1804', '§10221', '§1018', '§1616', '§1015', '§406', '§102', '§888', '§402', '§102', '§406', '§406', '§888', '§1015', '§1015', '§1015', '§10221', '§1812', '§1812', '§611', '§1804', '§1804', '§1275', '§801', '§53', '§53', '§53', '§53', '§53', '§10', '§2', '§57', '§888']

IRC §246. Rules applying to deductions for dividends received - TaxTV.com
IRC §246. Rules applying to deductions for dividends received
(A) by substituting “90 days” for “45 days” each place it appears, and
(B) by substituting “181-day period” for “91-day period”.
No deduction shall be allowed under section 243 in respect of a dividend from a corporation which is a DISC or former DISC (as defined in section 992(a)) to the extent such dividend is paid out of the corporation’s accumulated DISC income or previously taxed income, or is a deemed distribution pursuant to section 995(b)(1).
(Aug. 16, 1954, ch. 736, 68A Stat. 74; Pub. L. 85–866, title I, §§18(a), 57(c)(2), Sept. 2, 1958, 72 Stat. 1614, 1646; Pub. L. 88–272, title II, §214(b)(2), Feb. 26, 1964, 78 Stat. 55; Pub. L. 91–172, title IV, §434(b)(1), title V, §2(f)(3), Dec. 30, 1969, 83 Stat. 625, 641; Pub. L. 92–178, title V, §502(a), Dec. 10, 1971, 85 Stat. 549; Pub. L. 94–455, title X, §10 (f)(3), title XIX, §1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1646, 1834; Pub. L. 97–248, title II, §213(c), Sept. 3, 1982, 96 Stat. 465; Pub. L. 98–369, div. A, title I, §§53(b), (d)(2), 177(b), title VIII, §801(b)(2)(A), July 18, 1984, 98 Stat. 567, 568, 709, 995; Pub. L. 99– 4, title VI, §611(a)(3), title XII, §1275(a)(2)(B), title XVIII, §§1804(b)(1)(A), (B), 1812(d)(1), Oct. 22, 1986, 100 Stat. 2249, 2598, 2798, 2835; Pub. L. 100–203, title X, §10221(c)(1), Dec. 22, 1987, 101 Stat. 1330–409; Pub. L. 100–647, title I, §1018(u)(10), Nov. 10, 1988, 102 Stat. 3590; Pub. L. 104–188, title I, §1616(b)(4), Aug. 20, 1996, 110 Stat. 1856; Pub. L. 105–34, title X, §1015(a), (b), Aug. 5, 1997, 111 Stat. 921, 922; Pub. L. 108–311, title IV, §406(f), Oct. 4, 2004, 118 Stat. 1190; Pub. L. 108–357, title I, §102(d)(4), title VIII, §888(d), Oct. 22, 2004, 118 Stat. 1429, 1643; Pub. L. 109–135, title IV, §402(a)(4), Dec. 21, 2005, 119 Stat. 2610.)
2005—Subsec. (c)(3)(B). Pub. L. 109–135 substituted “paragraph (3) of section 1223” for “paragraph (4) of section 1223”.
2004—Subsec. (b)(1). Pub. L. 108–357, §102(d)(4), inserted “199,” after “172,”.
Subsec. (c)(1)(A). Pub. L. 108–311, §406(f)(1), substituted “91-day period” for “90-day period”.
Subsec. (c)(2)(B). Pub. L. 108–311, §406(f)(2), substituted “181-day period” for “180-day period” and “91-day period” for “90-day period”.
Subsec. (c)(4). Pub. L. 108–357, §888(d), inserted “, other than a qualified covered call option to which section 1092(f) applies” before period at end of concluding provisions.
1997—Subsec. (c)(1)(A). Pub. L. 105–34, §1015(a), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “which is held by the taxpayer for 45 days or less, or”.
Subsec. (c)(2). Pub. L. 105–34, §1015(b)(1), amended heading and text of par. (2) generally. Prior to amendment, text read as follows: “In the case of any stock having preference in dividends, the holding period specified in paragraph (1)(A) shall be 90 days in lieu of 45 days if the taxpayer receives dividends with respect to such stock which are attributable to a period or periods aggregating in excess of 366 days.”
Subsec. (c)(3). Pub. L. 105–34, §1015(b)(2), inserted “and” at end of subpar. (A), redesignated subpar. (C) as (B), and struck out former subpar. (B) which read as follows: “there shall not be taken into account any day which is more than 45 days (or 90 days in the case of stock to which paragraph (2) applies) after the date on which such share becomes ex-dividend, and”.
1988—Subsec. (c)(1)(A). Pub. L. 100–647 substituted “which” for “Which”.
1987—Subsec. (b)(1). Pub. L. 100–203, §10221(c)(1)(A), substituted “the percentage determined under paragraph (3)” for “80 percent”.
1986—Subsec. (a)(2)(B). Pub. L. 99– 4, §1812(d)(1)(A), substituted “In” for “For purposes of subparagraph (A), in” in introductory provisions and substituted cl. (i)(II) for former cl. (i)(II) which read as follows: “which were not taken into account under subparagraph (A), bears to”.
Subsec. (a)(2)(C), (D). Pub. L. 99– 4, §1812(d)(1)(B), (C), added subpar. (C), redesignated former subpar. (C) as (D), and added cl. (iv) to subpar. (D).
Subsec. (b)(1). Pub. L. 99– 4, §611(a)(3), substituted “80 percent” for “85 percent”.
Subsec. (c)(1)(A). Pub. L. 99– 4, §1804(b)(1)(A), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “which is sold or otherwise disposed of in any case in which the taxpayer has held such share for 45 days or less, or”.
Subsec. (c)(4). Pub. L. 99– 4, §1804(b)(1)(B), substituted “determined for purposes of this subsection” for “determined under paragraph (3)”.
Subsec. (e). Pub. L. 99– 4, §1275(a)(2)(B), struck out “or 934(e)(3)” after “936(h)(4)”.
Subsec. (b)(1). Pub. L. 98–369, §801(b)(2)(A), substituted “subsection (a) or (b) of section 245” for “245” in two places.
Pub. L. 98–369, §53(d)(2), substituted “without regard to any adjustment under section 1059, and without regard” for “and without regard”.
Subsec. (c)(1)(A). Pub. L. 98–369, §53(b)(1), substituted “45” for “15”.
Subsec. (c)(1)(B). Pub. L. 98–369, §53(b)(3), substituted “to make related payments with respect to positions in substantially similar or related property” for “to make corresponding payments with respect to substantially identical stock or securities”.
Subsec. (c)(2). Pub. L. 98–369, §53(b)(1), substituted “45” for “15”.
Subsec. (c)(3)(B). Pub. L. 98–369, §53(b)(1), substituted “45” for “15”.
1976—Subsec. (a). Pub. L. 94–455, §10 (f)(3), struck out references to dividends from corporations organized under the China Trade Act, 1922, and corporations to which section 931 (relating to income from sources within possessions of the United States) applies.
1969—Subsec. (b)(1). Pub. L. 91–172, §2(f)(3), substituted “and 247, and without regard to any capital loss carryback to the taxable year under section 1212(a)(1)” for “and 247”.
1964—Subsec. (b). Pub. L. 88–272 substituted “243(a)(1), 244(a)” for “243(a), 244” wherever appearing.
1958—Subsec. (b)(1). Pub. L. 85–866, §57(c)(2), substituted “243(a)” for “243” wherever appearing.
Pub. L. 108–357, title VIII, §888(e), Oct. 22, 2004, 118 Stat. 1643, provided that: “The amendments made by this section [amending this section and sections 1092 and 1258 of this title] shall apply to positions established on or after the date of the enactment of this Act [Oct. 22, 2004].”
Section 1015(c) of Pub. L. 105–34 provided that:
Section 611(b) of Pub. L. 99– 4 provided that:
“(2) Amendment relating to limitation on deductions.—The amendment made by subsection (a) to section 246(b) of the Internal Revenue Code of 1986 shall apply to taxable years beginning after December 31, 1986.”
Amendment by section 1275(a)(2)(B) of Pub. L. 99– 4 applicable to taxable years beginning after Dec. 31, 1986, with certain exceptions and qualifications, see section 1277 of Pub. L. 99– 4, set out as a note under section 931 of this title.
Section 1804(b)(1)(C) of Pub. L. 99– 4 provided that: “The amendments made by this paragraph [amending this section] shall apply to stock acquired after March 1, 1986.”
Amendment by section 1812(d)(1) of Pub. L. 99– 4 effective, except as otherwise provided, as if included in the provisions of the Tax Reform Act of 1984, Pub. L. 98–369, div. A, to which such amendment relates, see section 1881 of Pub. L. 99– 4, set out as a note under section 48 of this title.
For effective date of amendment by section 10 (f)(3) of Pub. L. 94–455, see section 10 (i) of Pub. L. 94–455, set out as a note under section 27 of this title.
Amendment by section 2(f)(3) of Pub. L. 91–172 applicable with respect to net capital losses sustained in taxable years beginning after Dec. 31, 1969, see section 2(g) of Pub. L. 91–172, set out as a note under section 1212 of this title.
Section 434(c) of Pub. L. 91–172 provided that: “The amendments made by this section [enacting section 596 of this title and amending this section] shall apply to taxable years beginning after July 11, 1969.”
Section 18(b) of Pub. L. 85–866 provided that: “The amendment made by subsection (a) [amending this section] shall apply with respect to taxable years ending after December 31, 1957, but only with respect to shares of stock acquired or short sales made after December 31, 1957.”