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 N - Tax Based on Income From Sources Within or Without the United States (Sections 861 - 1000)
Part IV - Domestic International Sales Corporations (Sections 991 - 997)
Subpart B - Treatment of Distributions to Shareholders (Sections 995 - 997)
Sec. 997 - Special subchapter C rules
| 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 N - Tax Based on Income From Sources Within or Without the United States PART IV - DOMESTIC INTERNATIONAL SALES CORPORATIONS Subpart B - Treatment of Distributions to Shareholders Sec. 997 - Special subchapter C rules |
| Contains | section 997 |
| Date | 2015 |
| Laws In Effect As Of Date | January 3, 2016 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Added Pub. L. 92-178, title V, §501, Dec. 10, 1971, 85 Stat. 549. |
| Statutes at Large Reference | 85 Stat. 549 |
| Public and Private Law | Public Law 92-178 |
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For purposes of applying the provisions of subchapter C of chapter 1, any distribution in property to a corporation by a DISC or former DISC which is made out of previously taxed income or accumulated DISC income shall—
(1) be treated as a distribution in the same amount as if such distribution of property were made to an individual, and
(2) have a basis, in the hands of the recipient corporation, equal to the amount determined under paragraph (1).
(Added Pub. L. 92–178, title V, §501, Dec. 10, 1971, 85 Stat. 549.)
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