§1375. Tax imposed when passive investment income of corporation having accumulated earnings and profits exceeds 25 percent of gross receipts — Inbound Citations
26 U.S.C. § 1375
Cited by 7 provisions in release 119-102.
Citations to 26 U.S.C. § 1375 as a whole
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(J) section 1375 (relating to tax imposed when passive investment income of corporation having subchapter C earnings and profits exceeds 25 percent of gross receipts),
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(3) If any tax is imposed under section 1375 for any taxable year on an S corporation, for purposes of subsection (a), each item of passive investment income shall be reduced by an amount which bears the same ratio to the amount of such tax as—(A) the amount of such item, bears to(B) the total passive investment income for the taxable year.
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(c) If a corporation was an electing small business corporation for the last preenactment year, subsections (f) and (d) of section 1375 (as in effect before the enactment of the Subchapter S Revision Act of 1982) shall continue to apply with respect to distributions of undistributed taxable income for any taxable year beginning before January 1, 1983.
Citations to §1375(a)
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(ii) The tax imposed by section 1375(a).
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“(II) 100 percent of the tax imposed by section 1375(a) which was shown on the return of the corporation for the preceding taxable year.”
Citations to §1375(b)(1)(B)
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(ii) such corporation’s taxable income for such taxable year (determined as provided in section 1375(b)(1)(B)).
Citations to §1375(d)
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(c) If a corporation was an electing small business corporation for the last preenactment year, subsections (f) and (d) of section 1375 (as in effect before the enactment of the Subchapter S Revision Act of 1982) shall continue to apply with respect to distributions of undistributed taxable income for any taxable year beginning before January 1, 1983.