2015 US Code
Title 26 - Internal Revenue Code (Sections 1 - 9834)
Subtitle A - Income Taxes (Sections 1 - 1564)
Chapter 1 - Normal Taxes and Surtaxes (Sections 1 - 1400U-3)
Subchapter G - Corporations Used to Avoid Income Tax on Shareholders (Sections 531 - 565)
Part IV - Deduction for Dividends Paid (Sections 561 - 565)
Sec. 563 - Rules relating to dividends paid after close of taxable year
Publication Title | United States Code, 2012 Edition, Supplement 3, Title 26 - INTERNAL REVENUE CODE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 26 - INTERNAL REVENUE CODE Subtitle A - Income Taxes CHAPTER 1 - NORMAL TAXES AND SURTAXES Subchapter G - Corporations Used to Avoid Income Tax on Shareholders PART IV - DEDUCTION FOR DIVIDENDS PAID Sec. 563 - Rules relating to dividends paid after close of taxable year |
Contains | section 563 |
Date | 2015 |
Laws In Effect As Of Date | January 3, 2016 |
Positive Law | No |
Disposition | standard |
Source Credit | Aug. 16, 1954, ch. 736, 68A Stat. 199; Pub. L. 91-172, title IX, §914(a), Dec. 30, 1969, 83 Stat. 723; Pub. L. 101-239, title VII, §7401(b), Dec. 19, 1989, 103 Stat. 2356; Pub. L. 108-357, title IV, §413(c)(10), Oct. 22, 2004, 118 Stat. 1507; Pub. L. 114-41, title II, §2006(a)(2)(B), July 31, 2015, 129 Stat. 457. |
Statutes at Large References | 83 Stat. 723 103 Stat. 2356 118 Stat. 1507 129 Stat. 457 |
Public and Private Laws | Public Law 91-172, Public Law 101-239, Public Law 108-357, Public Law 114-41 |
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In the determination of the dividends paid deduction for purposes of the accumulated earnings tax imposed by section 531, a dividend paid after the close of any taxable year and on or before the 15th day of the fourth month following the close of such taxable year shall be considered as paid during such taxable year.
(b) Personal holding company taxIn the determination of the dividends paid deduction for purposes of the personal holding company tax imposed by section 541, a dividend paid after the close of any taxable year and on or before the 15th day of the fourth month following the close of such taxable year shall, to the extent the taxpayer elects in its return for the taxable year, be considered as paid during such taxable year. The amount allowed as a dividend by reason of the application of this subsection with respect to any taxable year shall not exceed either—
(1) The undistributed personal holding company income of the corporation for the taxable year, computed without regard to this subsection, or
(2) 20 percent of the sum of the dividends paid during the taxable year, computed without regard to this subsection.
(c) Dividends considered as paid on last day of taxable yearFor the purpose of applying section 562(a), with respect to distributions under subsection (a) or (b) of this section, a distribution made after the close of a taxable year and on or before the 15th day of the fourth month following the close of the taxable year shall be considered as made on the last day of such taxable year.
(Aug. 16, 1954, ch. 736, 68A Stat. 199; Pub. L. 91–172, title IX, §914(a), Dec. 30, 1969, 83 Stat. 723; Pub. L. 101–239, title VII, §7401(b), Dec. 19, 1989, 103 Stat. 2356; Pub. L. 108–357, title IV, §413(c)(10), Oct. 22, 2004, 118 Stat. 1507; Pub. L. 114–41, title II, §2006(a)(2)(B), July 31, 2015, 129 Stat. 457.)
AMENDMENTS2015—Pub. L. 114–41 substituted "fourth month" for "third month" wherever appearing.
2004—Subsecs. (c), (d). Pub. L. 108–357 redesignated subsec. (d) as (c), substituted "subsection (a) or (b)" for "subsection (a), (b), or (c)", and struck out former subsec. (c) which related to foreign personal holding company tax.
1989—Subsec. (c). Pub. L. 101–239, §7401(b)(1), added subsec. (c). Former subsec. (c) redesignated (d).
Subsec. (d). Pub. L. 101–239, §7401(b)(2), substituted "subsection (a), (b), or (c)" for "subsection (a) or (b)".
Pub. L. 101–239, §7401(b)(1), redesignated former subsec. (c) as (d).
1969—Subsec. (b)(2). Pub. L. 91–172 substituted "20 percent" for "10 percent".
EFFECTIVE DATE OF 2015 AMENDMENTAmendment by Pub. L. 114–41 applicable to returns for taxable years beginning after Dec. 31, 2015, with special rule for certain C corporations, see section 2006(a)(3) of Pub. L. 114–41, set out as a note under section 170 of this title.
EFFECTIVE DATE OF 2004 AMENDMENTAmendment by Pub. L. 108–357 applicable to taxable years of foreign corporations beginning after Dec. 31, 2004, and to taxable years of United States shareholders with or within which such taxable years of foreign corporations end, see section 413(d)(1) of Pub. L. 108–357, set out as an Effective and Termination Dates of 2004 Amendments note under section 1 of this title.
EFFECTIVE DATE OF 1989 AMENDMENTAmendment by Pub. L. 101–239 applicable to taxable years of foreign corporations beginning after July 10, 1989, with special rules for any foreign corporation required by the amendments made by section 7401 of Pub. L. 101–239 to change its taxable year for its first taxable year beginning after July 10, 1989, see section 7401(d) of Pub. L. 101–239, set out as an Effective Date note under section 898 of this title.
EFFECTIVE DATE OF 1969 AMENDMENTPub. L. 91–172, title IX, §914(b), Dec. 30, 1969, 83 Stat. 723, provided that: "The amendment made by subsection (a) [amending this section] shall apply to taxable years beginning after December 31, 1969."
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