Source: http://taxtv.com/code/00250-USCODE-2011-title26-subtitleA-chap1-subchapB-partVIII-sec244/
Timestamp: 2017-03-29 20:53:56
Document Index: 574629109

Matched Legal Cases: ['§244', '§244', '§244', '§214', '§301', '§611', '§10221', '§2004', '§244']

IRC §244. Dividends received on certain preferred stock - TaxTV.com
IRC §244. Dividends received on certain preferred stock
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In the case of a corporation, there shall be allowed as a deduction an amount computed as follows:
(1) First determine the amount received as dividends on the preferred stock of a public utility which is subject to taxation under this chapter and with respect to which the deduction provided in section 247 for dividends paid is allowable.
(3) Finally ascertain the amount which is 70 percent of the excess of—
(A) the amount determined under paragraph (1), over
If the dividends described in subsection (a)(1) are qualifying dividends (as defined in section 243(b)(1), but determined without regard to section 243(d)(4))—
(1) subsection (a) shall be applied separately to such qualifying dividends, and
(2) for purposes of subsection (a)(3), the percentage applicable to such qualifying dividends shall be 100 percent in lieu of 70 percent.
(Aug. 16, 1954, ch. 736, 68A Stat. 73; Pub. L. 88–272, title II, §214(b)(1), Feb. 26, 1964, 78 Stat. 55; Pub. L. 95–600, title III, §301(b)(3), Nov. 6, 1978, 92 Stat. 2820; Pub. L. 99– 4, title VI, §611(a)(2), Oct. 22, 1986, 100 Stat. 2249; Pub. L. 100–203, title X, §10221(a)(2), Dec. 22, 1987, 101 Stat. 1330–408; Pub. L. 100–647, title II, §2004(i)(2), Nov. 10, 1988, 102 Stat. 3603.)
1988—Subsec. (b). Pub. L. 100–647 substituted “section 243(d)(4)” for “section 243(c)(4)”.
1987—Subsecs. (a)(3), (b)(2). Pub. L. 100–203 substituted “70 percent” for “80 percent”.
1986—Subsecs. (a)(3), (b)(2). Pub. L. 99– 4 substituted “80 percent” for “85 percent”.
1978—Subsec. (a)(2)(B). Pub. L. 95–600 substituted “the highest rate of tax specified in section 11(b)” for “the sum of the normal tax rate and the surtax rate for the taxable year prescribed by section 11”.
1964—Pub. L. 88–272 designated existing provisions as subsec. (a) and added subsec. (b).
Amendment by Pub. L. 99– 4 applicable to dividends received or accrued after Dec. 31, 1986, in taxable years ending after such date, see section 611(b) of Pub. L. 99– 4, set out as a note under section 246 of this title.
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