Browse Arkansas Code titles and sections

26 U.S.C. § 958 — Rules for determining stock ownership

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 958 — Rules for determining stock ownership

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 958

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: 341d3e3b77f3d5badd4f754c1a04938a181e5373762e7590a1a0e9d0c3f24205. 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_c9bac99b0dc0ea1a742772d6
Source file: Laws/federal/codes/united-states-code/title-26/section-958-rules-for-determining-stock-ownership--a8c35c1125.md
Pages: Not recorded – Not recorded
Passage SHA-256: 430c29f00155afd9ca60cdca17c04d13ec4d6ca7a8764cfa25eb6ffebe160e80

Source location: Title 26, Chapter 1, § 958; chapter-001-normal-taxes-and-surtaxes.md

Stored source content

**(a) Direct and indirect ownership** (1) **General rule** — For purposes of this subpart (other than section 960), stock owned means— (A) stock owned directly, and (B) stock owned with the application of paragraph (2). (2) **Stock ownership through foreign entities** — For purposes of subparagraph (B) of paragraph (1), stock owned, directly or indirectly, by or for a foreign corporation, foreign partnership, or foreign trust or foreign estate (within the meaning of section 7701(a)(31)) shall be considered as being owned proportionately by its shareholders, partners, or beneficiaries. Stock considered to be owned by a person by reason of the application of the preceding sentence shall, for purposes of applying such sentence, be treated as actually owned by such person. (3) **Special rule for mutual insurance companies** — For purposes of applying paragraph (1) in the case of a foreign mutual insurance company, the term “stock” shall include any certificate entitling the holder to voting power in the corporation. **(b) Constructive ownership** For purposes of sections 951(b), 954(d)(3), 956(c)(2), and 957, section 318(a) (relating to constructive ownership of stock) shall apply to the extent that the effect is to treat any United States person as a United States shareholder within the meaning of section 951(b), to treat a person as a related person within the meaning of section 954(d)(3), to treat the stock of a domestic corporation as owned by a United States shareholder of the controlled foreign corporation for purposes of section 956(c)(2), or to treat a foreign corporation as a controlled foreign corporation under section 957, except that— (1) In applying paragraph (1)(A) of section 318(a), stock owned by a nonresident alien individual (other than a foreign trust or foreign estate) shall not be considered as owned by a citizen or by a resident alien individual. (2) In applying subparagraphs (A), (B), and (C) of section 318(a)(2), if a partnership, estate, trust, or corporation owns, directly or indirectly, more than 50 percent of the total combined voting power of all classes of stock entitled to vote of a corporation, it shall be considered as owning all the stock entitled to vote. (3) In applying subparagraph (C) of section 318(a)(2), the phrase “10 percent” shall be substituted for the phrase “50 percent” used in subparagraph (C). (4) Subparagraphs (A), (B), and (C) of section 318(a)(3) shall not be applied so as to consider a United States person as owning stock which is owned by a person who is not a United States person. Paragraphs (1) and (4) shall not apply for purposes of section 956(c)(2) to treat stock of a domestic corporation as not owned by a United States shareholder.

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

26 U.S.C. § 956 — Investment of earnings in United States property

**(a) General rule** In the case of any controlled foreign corporation, the amount determined under this section with respect to any United States shareholder for any taxable year is the lesser of— (1) the excess (if any) of— (A) such shareholder’s pro rata share of the average of the amounts of United States property held (directly or indirectly) by the controlled foreign corporation as of the close of each quarter of such taxable year, over (B) the amount of earnings and profits described in section 959(c)(1)(A) with respect to such shareholder, or (2) such shareholder’s pro rata share of the applicable earnings of such controlled foreign corporation. The amount taken into account under paragraph (1) with respect to any property shall be its adjusted basis as determined for purposes of computing earnings and profits, reduced by any liability to which the property is subject. **(b) Special rules** (1) **Applicable earnings** — For purposes of this section, the term “applicable earnings” means, with respect to any controlled foreign corporation, the sum of— (A) the amount (not including a deficit) referred to in section 316(a)(1) to the extent such amount was accumulated in prior taxable years, and (B) the amount referred to in section 316(a)(2), but reduced by distributions made during the taxable year and by earnings and profits described in section 959(c)(1). (2) **Special rule for U.S. property acquired before corporation is a controlled foreign corporation** — In applying subsection (a) to any taxable year, there shall be disregarded any item of United States property which was acquired by the controlled foreign corporation before the first day on which such corporation was treated as a controlled foreign corporation. The aggregate amount of prop

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 956

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

26 U.S.C. § 39 — Carryback and carryforward of unused credits

**(a) In general** (1) **1-year carryback and 20-year carryforward** — If the sum of the business credit carryforwards to the taxable year plus the amount of the current year business credit for the taxable year exceeds the amount of the limitation imposed by subsection (c) of section 38 for such taxable year (hereinafter in this section referred to as the “unused credit year”), such excess (to the extent attributable to the amount of the current year business credit) shall be— (A) a business credit carryback to the taxable year preceding the unused credit year, and (B) a business credit carryforward to each of the 20 taxable years following the unused credit year, and, subject to the limitations imposed by subsections (b) and (c), shall be taken into account under the provisions of section 38(a) in the manner provided in section 38(a). (2) **Amount carried to each year** (A) *Entire amount carried to first year* — The entire amount of the unused credit for an unused credit year shall be carried to the earliest of the 21 taxable years to which (by reason of paragraph (1)) such credit may be carried. (B) *Amount carried to other 20 years* — The amount of the unused credit for the unused credit year shall be carried to each of the other 20 taxable years to the extent that such unused credit may not be taken into account under section 38(a) for a prior taxable year because of the limitations of subsections (b) and (c). (3) **5-year carryback for marginal oil and gas well production credit** — Notwithstanding subsection (d), in the case of the marginal oil and gas well production credit— (A) this section shall be applied separately from the business credit (other than the marginal oil and gas well production credit), (B) paragraph (1) shall be applied

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 39

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

26 U.S.C. § 78 — Gross up for deemed paid foreign tax credit

If a domestic corporation chooses to have the benefits of subpart A of part III of subchapter N (relating to foreign tax credit) for any taxable year, an amount equal to the taxes deemed to be paid by such corporation under subsections (a) and (d) of section 960 (determined without regard to the phrase “90 percent of” in subsection (d)(1) thereof) for such taxable year shall be treated for purposes of this title (other than sections 245 and 245A) as a dividend received by such domestic corporation from the foreign corporation.

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 78

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

26 U.S.C. § 318 — Constructive ownership of stock

**(a) General rule** For purposes of those provisions of this subchapter to which the rules contained in this section are expressly made applicable— (1) **Members of family** (A) *In general* — An individual shall be considered as owning the stock owned, directly or indirectly, by or for— (i) his spouse (other than a spouse who is legally separated from the individual under a decree of divorce or separate maintenance), and (ii) his children, grandchildren, and parents. (B) *Effect of adoption* — For purposes of subparagraph (A)(ii), a legally adopted child of an individual shall be treated as a child of such individual by blood. (2) **Attribution from partnerships, estates, trusts, and corporations** (A) *From partnerships and estates* — Stock owned, directly or indirectly, by or for a partnership or estate shall be considered as owned proportionately by its partners or beneficiaries. (B) *From trusts* (i) Stock owned, directly or indirectly, by or for a trust (other than an employees’ trust described in section 401(a) which is exempt from tax under section 501(a)) shall be considered as owned by its beneficiaries in proportion to the actuarial interest of such beneficiaries in such trust. (ii) Stock owned, directly or indirectly, by or for any portion of a trust of which a person is considered the owner under subpart E of part I of subchapter J (relating to grantors and others treated as substantial owners) shall be considered as owned by such person. (C) *From corporations* — If 50 percent or more in value of the stock in a corporation is owned, directly or indirectly, by or for any person, such person shall be considered as owning the stock owned, directly or indirectly, by or for such corporation, in that proportion which the val

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 318

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

26 U.S.C. § 951B — Amounts included in gross income of foreign controlled United States shareholders

**(a) In general** In the case of any foreign controlled United States shareholder of a foreign controlled foreign corporation— (1) this subpart (other than sections 951A, 951(b), and 957) shall be applied with respect to such shareholder (separately from, and in addition to, the application of this subpart without regard to this section)— (A) by substituting “foreign controlled United States shareholder” for “United States shareholder” each place it appears therein, and (B) by substituting “foreign controlled foreign corporation” for “controlled foreign corporation” each place it appears therein, and (2) section 951A (and such other provisions of this subpart as provided by the Secretary) shall be applied with respect to such shareholder— (A) by treating each reference to “United States shareholder” in such section as including a reference to such shareholder, and (B) by treating each reference to “controlled foreign corporation” in such section as including a reference to such foreign controlled foreign corporation. **(b) Foreign controlled United States shareholder** For purposes of this section, the term “foreign controlled United States shareholder” means, with respect to any foreign corporation, any United States person which would be a United States shareholder with respect to such foreign corporation if— (1) section 951(b) were applied by substituting “more than 50 percent” for “10 percent or more”, and (2) section 958(b) were applied without regard to paragraph (4) thereof. **(c) Foreign controlled foreign corporation** For purposes of this section, the term “foreign controlled foreign corporation” means a foreign corporation, other than a controlled foreign corporation, which would be a controlled foreign corporation if section 957(a) were ap

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 951B

Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 958 — Rules for determining stock ownership

Page 2202 TITLE 26—INTERNAL REVENUE CODE § 958 Pub. L. 115–97, set out as an Effective Date note under section 245A of this title. EFFECTIVE DATE OF 2004 AMENDMENT Amendment by Pub. L. 108–357 applicable to taxable years ending after Oct. 22, 2004, see section 908(d)(1) of Pub. L. 108–357, set out as an Effective Date note under section 937 of this title. EFFECTIVE DATE OF 1986 AMENDMENT Amendment by section 1221(b)(3)(C) of Pub. L. 99–514 applicable to taxable years of foreign corporations be- ginning after Dec. 31, 1986, except as otherwise pro- vided, see section 1221(g) of Pub. L. 99–514, set out as a note under section 954 of this title. Pub. L. 99–514, title XII, § 1222(c), Oct. 22, 1986, 100 Stat. 2557, provided that: ‘‘(1) IN GENERAL.—The amendments made by this sec- tion [amending this section and section 552 of this title] shall apply to taxable years of foreign corporations be- ginning after December 31, 1986; except that for pur- poses of applying sections 951(a)(1)(B) and 956 of the In- ternal Revenue Code of 1986, such amendments shall take effect on August 16, 1986. ‘‘(2) TRANSITIONAL RULE.—In the case of any corpora- tion treated as a controlled foreign corporation by rea- son of the amendments made by this section, property acquired before August 16, 1986, shall not be taken into account under section 956(b) of the Internal Revenue Code of 1986. ‘‘(3) SPECIAL RULE FOR BENEFICIARY OF TRUST.—In the case of an individual— ‘‘(A) who is a beneficiary of a trust which was es- tablished on December 7, 1979, under the laws of a for- eign jurisdiction, and ‘‘(B) who was not a citizen or resident of the United States on the date the trust was established, amounts which are included in the gross income of such beneficiary under section 951

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 958

Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.