§1366. Pass-thru of items to shareholders — Inbound Citations
26 U.S.C. § 1366
Cited by 18 provisions in release 119-102.
Citations to 26 U.S.C. § 1366 as a whole
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(A) any amount excluded from income by reason of paragraph (1) shall be treated as tax exempt income for purposes of sections 705 and 1366 of title 26, and
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(III) any amount with respect to which the election in paragraph (1) is made shall be treated as tax exempt income for purposes of sections 705 and 1366, and
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(3) This section and section 1366 shall be applied before the application of sections 165(g) and 166(d) to any taxable year of the shareholder or the corporation in which the security or debt becomes worthless.
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(C) any amount with respect to which the election in subsection (a) is made shall be treated as tax exempt income for purposes of sections 705 and 1366, and
Citations to §1366(a)
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(A) In the case of an S corporation, subsections (a), (b), (c), and (g) shall be applied at the corporate level, including by not taking into account under section 1366(a) any amount excluded under subsection (a) of this section.
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(i) all items of income, loss, or deduction taken into account under section 1366(a), and
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(B) In the case of an S corporation, net income shall be the amount (not below zero) determined by taking into account the aggregate amount of the S corporation’s items described in section 1366(a) (other than credits and tax-exempt income). If the S corporation was a C corporation for the base year, its taxable income for such year shall be treated as its net income for such year (and such corporation shall be treated as an S corporation for such taxable year for purposes of paragraph (3)).
Citations to §1366(a)(1)(A)
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(i) the amount of each of the items of income, loss, deduction, or credit described in section 1366(a)(1)(A), and
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(1) the items described in section 1366(a)(1)(A) shall be separately stated,
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(A) the items of income described in subparagraph (A) of section 1366(a)(1),
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(B) the items of loss and deduction described in subparagraph (A) of section 1366(a)(1),
Citations to §1366(a)(1)(B)
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(B) any nonseparately computed income determined under subparagraph (B) of section 1366(a)(1), and
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(C) any nonseparately computed loss determined under subparagraph (B) of section 1366(a)(1),
Citations to §1366(b)
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(h) If—(1) an installment obligation is distributed by an S corporation in a complete liquidation, and(2) receipt of the obligation is not treated as payment for the stock by reason of section 453(h)(1),then, except for purposes of any tax imposed by subchapter S, no gain or loss with respect to the distribution of the obligation shall be recognized by the distributing corporation. Under regulations prescribed by the Secretary, the character of the gain or loss to the shareholder shall be determined in accordance with the principles of section 1366(b).
Citations to §1366(d)
Citations to §1366(d)(1)
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(B) In the case of an S corporation, for purposes of subparagraph (A) of subsection (b)(2), any loss or deduction which is disallowed for the taxable year of the discharge under section 1366(d)(1) shall be treated as a net operating loss for such taxable year. The preceding sentence shall not apply to any discharge to the extent that subsection (a)(1)(D) applies to such discharge.
Citations to §1366(d)(3)
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(A) Paragraph (1)(B) shall not apply for purposes of section 1366(d)(3).