Browse Arkansas Code titles and sections
26 U.S.C. § 1362 — Election; revocation; termination
Federal law — U.S. Code and appendices · legal_authorities
**(a) Election**
(1) **In general** — Except as provided in subsection (g), a small business corporation may elect, in accordance with the provisions of this section, to be an S corporation.
(2) **All shareholders must consent to election** — An election under this subsection shall be valid only if all persons who are shareholders in such corporation on the day on which such election is made consent to such election.
**(b) When made**
(1) **In general** — An election under subsection (a) may be made by a small business corporation for any taxable year—
(A) at any time during the preceding taxable year, or
(B) at any time during the taxable year and on or before the 15th day of the 3d month of the taxable year.
(2) **Certain elections made during 1st 2½ months treated as made for next taxable year** — If—
(A) an election under subsection (a) is made for any taxable year during such year and on or before the 15th day of the 3d month of such year, but
(B) either—
(i) on 1 or more days in such taxable year before the day on which the election was made the corporation did not meet the requirements of subsection (b) of section 1361, or
(ii) 1 or more of the persons who held stock in the corporation during such taxable year and before the election was made did not consent to the election,
(3) **Election made after 1st 2½ months treated as made for following taxable year** — If—
(A) a small business corporation makes an election under subsection (a) for any taxable year, and
(B) such election is made after the 15th day of the 3d month of the taxable year and on or before the 15th day of the 3rd month of the following taxable year,
then such election shall be treated as made for the following taxable year.
(4) **Taxable years of 2½ months or
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1362
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: 3b0f61325ca48e2be6cac21ccbd5038eecdf213e5d3bf579f0a3852c60c834db. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_9ab38755dafd2e88814e0734
Source file: Laws/federal/codes/united-states-code/title-26/section-1362-election-revocation-termination--7e386c03f9.md
Pages: Not recorded – Not recorded
Passage SHA-256: 1d48bddb7ddc22d8598095456ef09d966215a9e5893accdedb1add0d4857f523
Source location: Title 26, Chapter 1, § 1362; chapter-001-normal-taxes-and-surtaxes.md
Stored source content
**(a) Election**
(1) **In general** — Except as provided in subsection (g), a small business corporation may elect, in accordance with the provisions of this section, to be an S corporation.
(2) **All shareholders must consent to election** — An election under this subsection shall be valid only if all persons who are shareholders in such corporation on the day on which such election is made consent to such election.
**(b) When made**
(1) **In general** — An election under subsection (a) may be made by a small business corporation for any taxable year—
(A) at any time during the preceding taxable year, or
(B) at any time during the taxable year and on or before the 15th day of the 3d month of the taxable year.
(2) **Certain elections made during 1st 2½ months treated as made for next taxable year** — If—
(A) an election under subsection (a) is made for any taxable year during such year and on or before the 15th day of the 3d month of such year, but
(B) either—
(i) on 1 or more days in such taxable year before the day on which the election was made the corporation did not meet the requirements of subsection (b) of section 1361, or
(ii) 1 or more of the persons who held stock in the corporation during such taxable year and before the election was made did not consent to the election,
(3) **Election made after 1st 2½ months treated as made for following taxable year** — If—
(A) a small business corporation makes an election under subsection (a) for any taxable year, and
(B) such election is made after the 15th day of the 3d month of the taxable year and on or before the 15th day of the 3rd month of the following taxable year,
then such election shall be treated as made for the following taxable year.
(4) **Taxable years of 2½ months or less** — For purposes of this subsection, an election for a taxable year made not later than 2 months and 15 days after the first day of the taxable year shall be treated as timely made during such year.
(5) **Authority to treat late elections, etc., as timely** — If—
(A) an election under subsection (a) is made for any taxable year (determined without regard to paragraph (3)) after the date prescribed by this subsection for making such election for such taxable year or no such election is made for any taxable year, and
(B) the Secretary determines that there was reasonable cause for the failure to timely make such election,
the Secretary may treat such an election as timely made for such taxable year (and paragraph (3) shall not apply).
**(c) Years for which effective** An election under subsection (a) shall be effective for the taxable year of the corporation for which it is made and for all succeeding taxable years of the corporation, until such election is terminated under subsection (d).
**(d) Termination**
(1) **By revocation**
(A) *In general* — An election under subsection (a) may be terminated by revocation.
(B) *More than one-half of shares must consent to revocation* — An election may be revoked only if shareholders holding more than one-half of the shares of stock of the corporation on the day on which the revocation is made consent to the revocation.
(C) *When effective* — Except as provided in subparagraph (D)—
(i) a revocation made during the taxable year and on or before the 15th day of the 3d month thereof shall be effective on the 1st day of such taxable year, and
(ii) a revocation made during the taxable year but after such 15th day shall be effective on the 1st day of the following taxable year.
(D) *Revocation may specify prospective date* — If the revocation specifies a date for revocation which is on or after the day on which the revocation is made, the revocation shall be effective on and after the date so specified.
(2) **By corporation ceasing to be small business corporation**
(A) *In general* — An election under subsection (a) shall be terminated whenever (at any time on or after the 1st day of the 1st taxable year for which the corporation is an S corporation) such corporation ceases to be a small business corporation.
(B) *When effective* — Any termination under this paragraph shall be effective on and after the date of cessation.
(3) **Where passive investment income exceeds 25 percent of gross receipts for 3 consecutive taxable years and corporation has accumulated earnings and profits**
(A) *Termination*
(i) *In general* — An election under subsection (a) shall be terminated whenever the corporation—
(I) has accumulated earnings and profits at the close of each of 3 consecutive taxable years, and
(II) has gross receipts for each of such taxable years more than 25 percent of which are passive investment income.
(ii) *When effective* — Any termination under this paragraph shall be effective on and after the first day of the first taxable year beginning after the third consecutive taxable year referred to in clause (i).
(iii) *Years taken into account* — A prior taxable year shall not be taken into account under clause (i) unless the corporation was an S corporation for such taxable year.
(B) *Gross receipts from the sales of certain assets* — For purposes of this paragraph—
(i) in the case of dispositions of capital assets (other than stock and securities), gross receipts from such dispositions shall be taken into account only to the extent of the capital gain net income therefrom, and
(ii) in the case of sales or exchanges of stock or securities, gross receipts shall be taken into account only to the extent of the gains therefrom.
(C) *Passive investment income defined*
(i) *In general* — Except as otherwise provided in this subparagraph, the term “passive investment income” means gross receipts derived from royalties, rents, dividends, interest, and annuities.
(ii) *Exception for interest on notes from sales of inventory* — The term “passive investment income” shall not include interest on any obligation acquired in the ordinary course of the corporation’s trade or business from its sale of property described in section 1221(a)(1).
(iii) *Treatment of certain lending or finance companies* — If the S corporation meets the requirements of section 542(c)(6) for the taxable year, the term “passive investment income” shall not include gross receipts for the taxable year which are derived directly from the active and regular conduct of a lending or finance business (as defined in section 542(d)(1)).
(iv) *Treatment of certain dividends* — If an S corporation holds stock in a C corporation meeting the requirements of section 1504(a)(2), the term “passive investment income” shall not include dividends from such C corporation to the extent such dividends are attributable to the earnings and profits of such C corporation derived from the active conduct of a trade or business.
(v) *Exception for banks, etc.* — In the case of a bank (as defined in section 581) or a depository institution holding company (as defined in section 3(w)(1) of the Federal Deposit Insurance Act ([12 U.S.C. 1813(w)(1)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/w/1&num=0&edition=prelim))), the term “passive investment income” shall not include—
(I) interest income earned by such bank or company, or
(II) dividends on assets required to be held by such bank or company, including stock in the Federal Reserve Bank, the Federal Home Loan Bank, or the Federal Agricultural Mortgage Bank or participation certificates issued by a Federal Intermediate Credit Bank.
**(e) Treatment of S termination year**
(1) **In general** — In the case of an S termination year, for purposes of this title—
(A) *S short year* — The portion of such year ending before the 1st day for which the termination is effective shall be treated as a short taxable year for which the corporation is an S corporation.
(B) *C short year* — The portion of such year beginning on such 1st day shall be treated as a short taxable year for which the corporation is a C corporation.
(2) **Pro rata allocation** — Except as provided in paragraph (3) and subparagraphs (C) and (D) of paragraph (6), the determination of which items are to be taken into account for each of the short taxable years referred to in paragraph (1) shall be made—
(A) first by determining for the S termination year—
(i) the amount of each of the items of income, loss, deduction, or credit described in section 1366(a)(1)(A), and
(ii) the amount of the nonseparately computed income or loss, and
(B) then by assigning an equal portion of each amount determined under subparagraph (A) to each day of the S termination year.
(3) **Election to have items assigned to each short taxable year under normal tax accounting rules**
(A) *In general* — A corporation may elect to have paragraph (2) not apply.
(B) *Shareholders must consent to election* — An election under this subsection shall be valid only if all persons who are shareholders in the corporation at any time during the S short year and all persons who are shareholders in the corporation on the first day of the C short year consent to such election.
(4) **S termination year** — For purposes of this subsection, the term “S termination year” means any taxable year of a corporation (determined without regard to this subsection) in which a termination of an election made under subsection (a) takes effect (other than on the 1st day thereof).
(5) **Tax for C short year determined on annualized basis**
(A) *In general* — The taxable income for the short year described in subparagraph (B) of paragraph (1) shall be placed on an annual basis by multiplying the taxable income for such short year by the number of days in the S termination year and by dividing the result by the number of days in the short year. The tax shall be the same part of the tax computed on the annual basis as the number of days in such short year is of the number of days in the S termination year.
(B) *Section 443(d)(2) to apply* — Subsection (d) of section 443 shall apply to the short taxable year described in subparagraph (B) of paragraph (1).
(6) **Other special rules** — For purposes of this title—
(A) *Short years treated as 1 year for carryover purposes* — The short taxable year described in subparagraph (A) of paragraph (1) shall not be taken into account for purposes of determining the number of taxable years to which any item may be carried back or carried forward by the corporation.
(B) *Due date for S year* — The due date for filing the return for the short taxable year described in subparagraph (A) of paragraph (1) shall be the same as the due date for filing the return for the short taxable year described in subparagraph (B) of paragraph (1) (including extensions thereof).
(C) *Paragraph (2) not to apply to items resulting from section 338* — Paragraph (2) shall not apply with respect to any item resulting from the application of section 338.
(D) *Pro rata allocation for S termination year not to apply if 50-percent change in ownership* — Paragraph (2) shall not apply to an S termination year if there is a sale or exchange of 50 percent or more of the stock in such corporation during such year.
**(f) Inadvertent invalid elections or terminations** If—
(1) an election under subsection (a) or section 1361(b)(3)(B)(ii) by any corporation—
(A) was not effective for the taxable year for which made (determined without regard to subsection (b)(2)) by reason of a failure to meet the requirements of section 1361(b) or to obtain shareholder consents, or
(B) was terminated under paragraph (2) or (3) of subsection (d) or section 1361(b)(3)(C),
(2) the Secretary determines that the circumstances resulting in such ineffectiveness or termination were inadvertent,
(3) no later than a reasonable period of time after discovery of the circumstances resulting in such ineffectiveness or termination, steps were taken—
(A) so that the corporation for which the election was made or the termination occurred is a small business corporation or a qualified subchapter S subsidiary, as the case may be, or
(B) to acquire the required shareholder consents, and
(4) the corporation for which the election was made or the termination occurred, and each person who was a shareholder in such corporation at any time during the period specified pursuant to this subsection, agrees to make such adjustments (consistent with the treatment of such corporation as an S corporation or a qualified subchapter S subsidiary, as the case may be) as may be required by the Secretary with respect to such period,
then, notwithstanding the circumstances resulting in such ineffectiveness or termination, such corporation shall be treated as an S corporation or a qualified subchapter S subsidiary, as the case may be, during the period specified by the Secretary.
**(g) Election after termination** If a small business corporation has made an election under subsection (a) and if such election has been terminated under subsection (d), such corporation (and any successor corporation) shall not be eligible to make an election under subsection (a) for any taxable year before its 5th taxable year which begins after the 1st taxable year for which such termination is effective, unless the Secretary consents to such election.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** For purposes of this subtitle—
(1) each section 1256 contract held by the taxpayer at the close of the taxable year shall be treated as sold for its fair market value on the last business day of such taxable year (and any gain or loss shall be taken into account for the taxable year),
(2) proper adjustment shall be made in the amount of any gain or loss subsequently realized for gain or loss taken into account by reason of paragraph (1),
(3) any gain or loss with respect to a section 1256 contract shall be treated as—
(A) short-term capital gain or loss, to the extent of 40 percent of such gain or loss, and
(B) long-term capital gain or loss, to the extent of 60 percent of such gain or loss, and
(4) if all the offsetting positions making up any straddle consist of section 1256 contracts to which this section applies (and such straddle is not part of a larger straddle), sections 1092 and 263(g) shall not apply with respect to such straddle.
**(b) Section 1256 contract defined**
(1) **In general** — For purposes of this section, the term “section 1256 contract” means—
(A) any regulated futures contract,
(B) any foreign currency contract,
(C) any nonequity option,
(D) any dealer equity option, and
(E) any dealer securities futures contract.
(2) **Exceptions** — The term “section 1256 contract” shall not include—
(A) any securities futures contract or option on such a contract unless such contract or option is a dealer securities futures contract, or
(B) any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap, or similar agreement.
**(c) Terminations, etc.**
(1) **In general** — The rules of paragraphs (1), (2), and
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1256
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Application of tax** The tax imposed by section 1(e) shall apply to the taxable income of estates or of any kind of property held in trust, including—
(1) income accumulated in trust for the benefit of unborn or unascertained persons or persons with contingent interests, and income accumulated or held for future distribution under the terms of the will or trust;
(2) income which is to be distributed currently by the fiduciary to the beneficiaries, and income collected by a guardian of an infant which is to be held or distributed as the court may direct;
(3) income received by estates of deceased persons during the period of administration or settlement of the estate; and
(4) income which, in the discretion of the fiduciary, may be either distributed to the beneficiaries or accumulated.
**(b) Computation and payment** The taxable income of an estate or trust shall be computed in the same manner as in the case of an individual, except as otherwise provided in this part. The tax shall be computed on such taxable income and shall be paid by the fiduciary. For purposes of this subsection, a foreign trust or foreign estate shall be treated as a nonresident alien individual who is not present in the United States at any time.
**(c) Special rules for taxation of electing small business trusts**
(1) **In general** — For purposes of this chapter—
(A) the portion of any electing small business trust which consists of stock in 1 or more S corporations shall be treated as a separate trust, and
(B) the amount of the tax imposed by this chapter on such separate trust shall be determined with the modifications of paragraph (2).
(2) **Modifications** — For purposes of paragraph (1), the modifications of this paragraph are the following:
(A) Except as provided in s
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 641
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of—
(1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and
(2) every surviving spouse (as defined in section 2(a)),
a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000.
**(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000.
**(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Allowance of deduction**
(1) **General rule** — There shall be allowed as a deduction any charitable contribution (as defined in subsection (c)) payment of which is made within the taxable year. A charitable contribution shall be allowable as a deduction only if verified under regulations prescribed by the Secretary.
(2) **Corporations on accrual basis** — In the case of a corporation reporting its taxable income on the accrual basis, if—
(A) the board of directors authorizes a charitable contribution during any taxable year, and
(B) payment of such contribution is made after the close of such taxable year and on or before the 15th day of the fourth month following the close of such taxable year,
then the taxpayer may elect to treat such contribution as paid during such taxable year. The election may be made only at the time of the filing of the return for such taxable year, and shall be signified in such manner as the Secretary shall by regulations prescribe.
(3) **Future interests in tangible personal property** — For purposes of this section, payment of a charitable contribution which consists of a future interest in tangible personal property shall be treated as made only when all intervening interests in, and rights to the actual possession or enjoyment of, the property have expired or are held by persons other than the taxpayer or those standing in a relationship to the taxpayer described in section 267(b) or 707(b). For purposes of the preceding sentence, a fixture which is intended to be severed from the real property shall be treated as tangible personal property.
**(b) Percentage limitations**
(1) **Individuals** — In the case of an individual, the deduction provided in subsection (a) shall be limited as provided in the succeeding subparagra
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 170
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) S corporation defined**
(1) **In general** — For purposes of this title, the term “S corporation” means, with respect to any taxable year, a small business corporation for which an election under section 1362(a) is in effect for such year.
(2) **C corporation** — For purposes of this title, the term “C corporation” means, with respect to any taxable year, a corporation which is not an S corporation for such year.
**(b) Small business corporation**
(1) **In general** — For purposes of this subchapter, the term “small business corporation” means a domestic corporation which is not an ineligible corporation and which does not—
(A) have more than 100 shareholders,
(B) have as a shareholder a person (other than an estate, a trust described in subsection (c)(2), or an organization described in subsection (c)(6)) who is not an individual,
(C) have a nonresident alien as a shareholder, and
(D) have more than 1 class of stock.
(2) **Ineligible corporation defined** — For purposes of paragraph (1), the term “ineligible corporation” means any corporation which is—
(A) a financial institution which uses the reserve method of accounting for bad debts described in section 585,
(B) an insurance company subject to tax under subchapter L, or
(C) a DISC or former DISC.
(3) **Treatment of certain wholly owned subsidiaries**
(A) *In general* — Except as provided in regulations prescribed by the Secretary, for purposes of this title—
(i) a corporation which is a qualified subchapter S subsidiary shall not be treated as a separate corporation, and
(ii) all assets, liabilities, and items of income, deduction, and credit of a qualified subchapter S subsidiary shall be treated as assets, liabilities, and such items (as the case may be) of the S corp
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1361
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter—
**(a) Definitions of bank and related terms**
(1) **Bank** — The term “bank”—
(A) means any national bank and State bank, and any Federal branch and insured branch;
(B) includes any former savings association.
(2) **State bank** — The term “State bank” means any bank, banking association, trust company, savings bank, industrial bank (or similar depository institution which the Board of Directors finds to be operating substantially in the same manner as an industrial bank), or other banking institution which—
(A) is engaged in the business of receiving deposits, other than trust funds (as defined in this section); and
(B) is incorporated under the laws of any State or which is operating under the Code of Law for the District of Columbia,
including any cooperative bank or other unincorporated bank the deposits of which were insured by the Corporation on the day before August 9, 1989.
(3) **State** — The term “State” means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands.
**(b) Definition of savings associations and related terms**
(1) **Savings association** — The term “savings association” means—
(A) any Federal savings association;
(B) any State savings association; and
(C) any corporation (other than a bank) that the Board of Directors and the Comptroller of the Currency jointly determine to be operating in substantially the same manner as a savings association.
(2) **Federal savings association** — The term “Federal savings association” means any Federal savings association or Federal savings bank which is chartered under [section 1464 of t
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1813
Stored review status: release_metadata_unconfirmed. The source passage cites 12 U.S.C. § 1813. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 966
TITLE 12—BANKS AND BANKING
§ 1813
(B) any other right or remedy against the
Corporation,
against
the
United
States
under applicable law, or against any person
other than a person described in paragraph
(1) participating in such transactions.
This subsection shall not be construed to limit
or alter in any way the immunities that are
available under applicable law for Federal offi-
cials and employees not described in this sub-
section.
(Sept. 21, 1950, ch. 967, § 2[2], 64 Stat. 873; Pub. L.
86–230, § 19, Sept. 8, 1959, 73 Stat. 460; Pub. L.
98–181, title I [title VII, § 702(a)], Nov. 30, 1983, 97
Stat. 1267; Pub. L. 101–73, title II, § 203(a), Aug. 9,
1989, 103 Stat. 188; Pub. L. 102–18, title I, § 103(b),
Mar. 23, 1991, 105 Stat. 60; Pub. L. 104–208, div. A,
title II, § 2243, Sept. 30, 1996, 110 Stat. 3009–419;
Pub. L. 111–203, title III, § 336(a), July 21, 2010, 124
Stat. 1540.)
Editorial Notes
REFERENCES IN TEXT
The Securities Act of 1933, referred to in subsec. (f)(1),
is act May 27, 1933, ch. 38, title I, 48 Stat. 74, which is
classified generally to subchapter I (§ 77a et seq.) of
chapter 2A of Title 15, Commerce and Trade. For com-
plete classification of this Act to the Code, see section
77a of Title 15 and Tables.
PRIOR PROVISIONS
Section is derived from subsec. (b) of former section
264 of this title. See Codification note set out under
section 1811 of this title.
AMENDMENTS
2010—Subsec. (a)(1)(B). Pub. L. 111–203, § 336(a)(1), sub-
stituted ‘‘Director of the Consumer Financial Protec-
tion Bureau’’ for ‘‘Director of the Office of Thrift Su-
pervision’’.
Subsec. (d)(2). Pub. L. 111–203, § 336(a)(2), amended par.
(2) generally. Prior to amendment, text read as follows:
‘‘In the event of a vacancy in the office of the Co
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1813
Stored review status: historical_2024_not_currentness_verified. The source passage cites 12 U.S.C. § 1813. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 2447
TITLE 26—INTERNAL REVENUE CODE
§ 1362
Mar. 23, 2018, see section 401(e) of Pub. L. 115–141, set
out as a note under section 23 of this title.
ELIMINATION
OF
ALL EARNINGS
AND PROFITS ATTRIB-
UTABLE
TO PRE-1983 YEARS
FOR CERTAIN CORPORA-
TIONS
Pub. L. 110–28, title VIII, § 8235, May 25, 2007, 121 Stat.
199, provided that: ‘‘In the case of a corporation which
is—
‘‘(1) described in section 1311(a)(1) of the Small
Business Job Protection Act of 1996 [Pub. L. 104–188,
set out below], and
‘‘(2) not described in section 1311(a)(2) of such Act,
the amount of such corporation’s accumulated earnings
and profits (for the first taxable year beginning after
the date of the enactment of this Act [May 25, 2007])
shall be reduced by an amount equal to the portion (if
any) of such accumulated earnings and profits which
were accumulated in any taxable year beginning before
January 1, 1983, for which such corporation was an
electing small business corporation under subchapter S
of the Internal Revenue Code of 1986.’’
ELIMINATION OF CERTAIN EARNINGS AND PROFITS
Pub. L. 104–188, title I, § 1311(a), Aug. 20, 1996, 110 Stat.
1784, provided that: ‘‘If—
‘‘(1) a corporation was an electing small business
corporation under subchapter S of chapter 1 of the In-
ternal Revenue Code of 1986 for any taxable year be-
ginning before January 1, 1983, and
‘‘(2) such corporation is an S corporation under sub-
chapter S of chapter 1 of such Code for its first tax-
able year beginning after December 31, 1996,
the amount of such corporation’s accumulated earnings
and profits (as of the beginning of such first taxable
year) shall be reduced by an amount equal to the por-
tion (if any) of such accumulated earnings and profits
which were accumulated in any taxable year beginnin
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1362
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.