26 USC 997 - Special subchapter C rules

U.S Code last checked for updates: Nov 23, 2024

§ 997.

Special subchapter C rules

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.)

cite as: 26 USC 997