Source: https://law.justia.com/codes/us/2012/title-26/subtitle-a/chapter-1/subchapter-s/part-iv/section-1377/
Timestamp: 2019-09-23 11:04:21
Document Index: 289675485

Matched Legal Cases: ['§ 1377', '§ 1', '§ 1', '§ 1361', '§ 1377', '§ 1361', '§ 1377', '§2', '§1306', '§407', '§ 1377', '§1377', '§1306', '§1307']

DEFINITIONS; MISCELLANEOUS - 26 U.S.C. § 1377 (2012) Definitions and special rule :: Title 26 - Internal Revenue Code :: 2012 US Code :: US Codes and Statutes :: US Law :: Justia
Justia US Law US Codes and Statutes US Code 2012 US Code Title 26 - Internal Revenue Code Subtitle A - Income Taxes (§§ 1 - 1564) Chapter 1 - NORMAL TAXES AND SURTAXES (§§ 1 - 1400U-3) Subchapter S - Tax Treatment of S Corporations and Their Shareholders (§§ 1361 - 1379) Part IV - DEFINITIONS; MISCELLANEOUS (§§ 1377 - 1379) Section 1377 - Definitions and special rule
Subchapter S - Tax Treatment of S Corporations and Their Shareholders (§§ 1361 - 1379)
Part IV - DEFINITIONS; MISCELLANEOUS (§§ 1377 - 1379)
Section 1377 - Definitions and special rule
Subchapter S - Tax Treatment of S Corporations and Their Shareholders
PART IV - DEFINITIONS; MISCELLANEOUS
Sec. 1377 - Definitions and special rule
Contains section 1377
Source Credit Added Pub. L. 97-354, §2, Oct. 19, 1982, 96 Stat. 1685; amended Pub. L. 104-188, title I, §§1306-1307(b), Aug. 20, 1996, 110 Stat. 1780; Pub. L. 108-311, title IV, §407(a), Oct. 4, 2004, 118 Stat. 1190.
Statutes at Large References 72 Stat. 1656
90 Stat. 1608
96 Stat. 1685
110 Stat. 1780
111 Stat. 1087
118 Stat. 1190
Public Law References Public Law 85-866, Public Law 94-455, Public Law 97-354, Public Law 104-188, Public Law 105-34, Public Law 108-311
DEFINITIONS; MISCELLANEOUS - 26 U.S.C. § 1377 (2012)
§1377. Definitions and special rule (a) Pro rata share
(2) Election to terminate year (A) In general
For purposes of subparagraph (A), the term “affected shareholders” means the shareholder whose interest is terminated and all shareholders to whom such shareholder has transferred shares during the taxable year. If such shareholder has transferred shares to the corporation, the term “affected shareholders” shall include all persons who are shareholders during the taxable year.
(b) Post-termination transition period (1) In general
For purposes of this subchapter, the term “post-termination transition period” means—
For purposes of paragraph (1), the term “determination” means—
(3) Special rules for audit related post-termination transition periods (A) No application to carryovers
1996—Subsec. (a)(2). Pub. L. 104–188, §1306, reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “Under regulations prescribed by the Secretary, if any shareholder terminates his interest in the corporation during the taxable year and all persons who are shareholders during the taxable year agree to the application of this paragraph, paragraph (1) shall be applied as if the taxable year consisted of 2 taxable years the first of which ends on the date of the termination.”
Subsec. (b)(1)(A) to (C). Pub. L. 104–188, §1307(a), struck out “and” at end of subpar. (A)(ii), added subpar. (B), and redesignated former subpar. (B) as (C).
“(A) Notwithstanding section 1317 of the Small Business Job Protection Act of 1996 [Pub. L. 104–188, enacting provisions set out as notes under sections 641 and 1362 of this title], the amendments made by subsections (a) and (b) of section 1307 of such Act [amending this section] shall apply to determinations made after December 31, 1996.