Source: https://irc.bloombergtax.com/public/uscode/doc/irc/section_1368
Timestamp: 2020-06-01 22:41:14
Document Index: 534615111

Matched Legal Cases: ['§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368', '§ 1368']

Internal Revenue Code, § 1368. Distributions
I.R.C. § 1368(a) General Rule —
I.R.C. § 1368(b) S Corporation Having No Earnings And Profits —
I.R.C. § 1368(b)(1) Amount Applied Against Basis —
I.R.C. § 1368(b)(2) Amount In Excess Of Basis —
I.R.C. § 1368(c) S Corporation Having Earnings And Profits —
I.R.C. § 1368(c)(1) Accumulated Adjustments Account —
I.R.C. § 1368(c)(2) Dividend —
I.R.C. § 1368(c)(3) Treatment Of Remainder —
I.R.C. § 1368(d) Certain Adjustments Taken Into Account —
I.R.C. § 1368(d)(1) —
I.R.C. § 1368(d)(2) —
I.R.C. § 1368(e) Definitions And Special Rules —
I.R.C. § 1368(e)(1) Accumulated Adjustments Account
I.R.C. § 1368(e)(1)(A) In General —
Except as otherwise provided in this paragraph, the term “accumulated adjustments account” means an account of the S corporation which is adjusted for the S period in a manner similar to the adjustments under section 1367 (except that no adjustment shall be made for income (and related expenses) which is exempt from tax under this title and the phrase “(but not below zero)” shall be disregarded in section 1367(a)(2)) and no adjustment shall be made for Federal taxes attributable to any taxable year in which the corporation was a C corporation.
I.R.C. § 1368(e)(1)(B) Amount Of Adjustment In The Case Of Redemptions —
I.R.C. § 1368(e)(1)(C) Net Loss For Year Disregarded
I.R.C. § 1368(e)(1)(C)(i) In General —
I.R.C. § 1368(e)(1)(C)(ii) Net Negative Adjustment —
I.R.C. § 1368(e)(1)(C)(ii)(I) —
I.R.C. § 1368(e)(1)(C)(ii)(II) —
I.R.C. § 1368(e)(2) S Period —
The term “S period” means the most recent continuous period during which the corporation has been an S corporation. Such period shall not include any taxable year beginning before January 1, 1983.
I.R.C. § 1368(e)(3) Election To Distribute Earnings First
I.R.C. § 1368(e)(3)(A) In General —
I.R.C. § 1368(e)(3)(B) Affected Shareholder —
For purposes of subparagraph (A), the term “affected shareholder” means any shareholder to whom a distribution is made by the S corporation during the taxable year.
I.R.C. § 1368(f) Restricted Bank Director Stock —
I.R.C. § 1368(f)(1) —
I.R.C. § 1368(f)(2) —
shall be deductible by the corporation for the taxable year of such corporation in which or with which ends the taxable year in which such amount is included in the gross income of the director.
(Added Pub. L. 97-354, Sec. 2, Oct. 19, 1982, 96 Stat. 1680, and amended Pub. L. 97-448, title III, Sec. 305(d)(2), Jan. 12, 1983, 96 Stat. 2399; Pub. L. 98-369, div. A, title VII, Sec. 721(r), July 18, 1984, 98 Stat. 970; Pub. L. 99-514, title XVIII, Sec. 1879(m)(1)(B), Oct. 22, 1986, 100 Stat. 2910; Pub. L. 104-188, title I, Sec. 1309, Aug. 20, 1996, 110 Stat. 1755; Pub. L. 110-28, title VIII, Sec. 8232(b), May 25, 2007, 121 Stat. 112; Pub. L. 115-141, Div. U, title IV, Sec. 401(a)(193), Mar. 23, 2018, 132 Stat. 348.)
2018 — Subsec. (f)(2). Pub. L. 115-141, Div. U, Sec. 401(a)(193), amended par. (2) by substituting “is included” for “in included”.
2007 — Subsec. (f). Pub. L. 110-28, Sec. 8232(a), added subsec. (f).
1996 — Subsec. (d). Pub. L. 104-188, Sec. 1309(a), added a new sentence at the end.
Subsec. (e)(1)(A). Pub. L. 104-188, Sec. 1309(c), substituted “as otherwise provided in this paragraph” for “as provided in subparagraph (B)" and substituted “section 1367(a)(2)” for “section 1367(b)(2)(A)”.
Subsec. (e)(1)(C). Pub. L. 104-188, Sec. 1309(b), added subpar. (C).
1986 — Subsec. (e)(1)(A). Pub. L. 99-514 inserted “and no adjustment shall be made for Federal taxes attributable to any taxable year in which the corporation was a C corporation” before period at end.
1984 — Subsec. (c). Pub. L. 98-369, Sec. 721(r)(2), inserted “Except to the extent provided in regulations, if the distributions during the taxable year exceed the amount in the accumulated adjustments account at the close of the taxable year, for purposes of this subsection, the balance of such account shall be allocated among such distributions in proportion to their respective sizes.”
Subsec. (e)(1)(A). Pub. L. 98-369, Sec. 721(r)(1), substituted “(except that no adjustment shall be made for income (and related expenses) which is exempt from tax under this title and the phrase ‘(but not below zero)’ shall be disregarded in section 1367(b)(2)(A))” for “(except that no adjustment shall be made for income which is exempt from tax under this title and no adjustment shall be made for any expense not deductible in computing the corporation's taxable income and not properly chargeable to capital account)”.
1983 — Subsec. (e)(3). Pub. L. 97-448 added par. (3).
Amendment by Pub. L. 115-141, Div. U, Sec. 401(a)(193), effective March 23, 2018.
Amendment by Pub. L. 110-28, Sec. 8232(b), effective for taxable years beginning after December 31, 2006. Sec. 8232(c) of Pub. L. 110-28 provided the following special rule:
“(2) SPECIAL RULE FOR TREATMENT AS SECOND CLASS OF STOCK- In the case of any taxable year beginning after December 31, 1996, restricted bank director stock (as defined in section 1361(f) of the Internal Revenue Code of 1986, as added by this section) shall not be taken into account in determining whether an S corporation has more than 1 class of stock.”
Amendment by Pub. L. 99-514 applicable to taxable years beginning after Dec. 31, 1982, see section 1879(m)(2) of Pub. L. 99-514, set out as a note under section 1361 of this title.
Section 311(c)(4) of Pub. L. 97-448 provided that: “The amendments made by subsection (d) of section 305 [amending sections 221, 1368, 1374, and 4975 of this title, enacting provisions set out as a note under section 1361 of this title, and amending provisions set out as a note under section 1361 of this title] shall take effect on the date of the enactment of the Subchapter S Revision Act of 1982 [Oct. 19, 1982].”