Source: http://taxtv.com/code/00140-USCODE-2011-title26-subtitleA-chap1-subchapB-partIII-sec111/
Timestamp: 2017-06-28 02:10:09
Document Index: 261725455

Matched Legal Cases: ['§111', '§111', '§111', '§1906', '§2', '§171', '§1812', '§1812', '§1812', '§111']

IRC §111. Recovery of tax benefit items - TaxTV.com
IRC §111. Recovery of tax benefit items
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(A) a credit was allowable with respect to any amount for any prior taxable year, and
(B) during the taxable year there is a downward price adjustment or similar adjustment,
the tax imposed by this chapter for the taxable year shall be increased by the amount of the credit attributable to the adjustment.
(2) Exception where credit did not reduce tax
Paragraph (1) shall not apply to the extent that the credit allowable for the recovered amount did not reduce the amount of tax imposed by this chapter.
(3) Exception for investment tax credit and foreign tax credit
This subsection shall not apply with respect to the credit determined under section 46 and the foreign tax credit.
(d) Special rules for accumulated earnings tax and for personal holding company tax
In applying subsection (a) for the purpose of determining the accumulated earnings tax under section 531 or the tax under section 541 (relating to personal holding companies)—
(1) any excluded amount under subsection (a) allowed for the purposes of this subtitle (other than section 531 or section 541) shall be allowed whether or not such amount resulted in a reduction of the tax under section 531 or the tax under section 541 for the prior taxable year; and
(2) where any excluded amount under subsection (a) was not allowable as a deduction for the prior taxable year for purposes of this subtitle other than of section 531 or section 541 but was allowable for the same taxable year under section 531 or section 541, then such excluded amount shall be allowable if it did not result in a reduction of the tax under section 531 or the tax under section 541.
(Aug. 16, 1954, ch. 736, 68A Stat. 33; Pub. L. 94–455, title XIX, §1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 96–589, §2(c), Dec. 24, 1980, 94 Stat. 3396; Pub. L. 98–369, div. A, title I, §171(a), July 18, 1984, 98 Stat. 698; Pub. L. 99– 4, title XVIII, §1812(a)(1), (2), Oct. 22, 1986, 100 Stat. 2833.)
1986—Subsec. (a). Pub. L. 99– 4, §1812(a)(1), substituted “did not reduce the amount of tax imposed by this chapter” for “did not reduce income subject to tax”.
Subsec. (c). Pub. L. 99– 4, §1812(a)(2), substituted “reducing tax imposed by this chapter” for “reducing income subject to tax or reducing tax imposed by this chapter, as the case may be”.
1984—Pub. L. 98–369 amended section generally, substituting provisions relating to recovery of tax benefit items for provisions relating to recovery of bad debts, prior taxes, and delinquency amounts.
1980—Subsec. (d). Pub. L. 96–589 added subsec. (d).
1976—Subsec. (b)(4). Pub. L. 94–455 struck out “or his delegate” after “Secretary”.
Section 171(c) of Pub. L. 98–369 provided that: “The amendments made by this section [amending this section] shall apply to amounts recovered after December 31, 1983, in taxable years ending after such date.”
View related content: IRC §111