U.S. Code » Title 26 » Subtitle Subtitle A— Income Taxes › Chapter CHAPTER 1— NORMAL TAXES AND SURTAXES › Subchapter Subchapter C— Corporate Distributions and Adjustments › Part PART I— DISTRIBUTIONS BY CORPORATIONS › Subpart Subpart C— Definitions; Constructive Ownership of Stock

26 U.S.C. § 317

Other definitions

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(a) Property

For purposes of this part, the term “property” means money, securities, and any other property; except that such term does not include stock in the corporation making the distribution (or rights to acquire such stock).

(b) Redemption of stock

For purposes of this part, stock shall be treated as redeemed by a corporation if the corporation acquires its stock from a shareholder in exchange for property, whether or not the stock so acquired is cancelled, retired, or held as treasury stock.

(Aug. 16, 1954, ch. 736, 68A Stat. 99.)
Notes of Decisions
Cited in 11 cases, 1960–2010 · leading case: United States v. Kottwitz, 614 F.3d 1241 (11th Cir. 2010).
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United States v. Kottwitz, 614 F.3d 1241 (11th Cir. 2010). · cites it 2× “" 26 U.S.C. § 317 (a). [T]he term "dividend" means any distribution of property made by a corporation to its shareholders—(1) out of its [retained] earnings and profits .”
Est. of Al J. Schneider, Donald J. Schneider, Pers. Representatives, & Agnes Schneider v. Comm'r of Internal Revenue, 855 F.2d 435 (7th Cir. 1988). “” 26 U.S.C. § 317 (b). 6 . Generally property received by a shareholder of a corporation from that corporation with respect to his or her stock ownership is treated as a dividend distribution and the entire amount of the distribution is ordinary income to the shareholder.”
Eva D. Bradbury v. Comm'r of Internal Revenue, 298 F.2d 111 (1st Cir. 1962). “Under Section 317(b) of the Code, 26 U.S.C.A. § 317 (b), a redemption of stock is defined as an acquisition by a corporation of its stock from a shareholder in exchange for property irrespective of whetber or not the stock is cancelled, retired or retained as treasury stock.”
Comm'r of Internal Revenue v. Oscar E. Baan & Evelyn K. Baan, 382 F.2d 485 (9th Cir. 1967). “” Section 317(a), 26 U.S.C. § 317 (1964), makes it clear that “property” is not limited to stock or securities but may include “any other property.”
United States v. R. Perry Collins, (Two Cases), 300 F.2d 821 (1st Cir. 1962). “Indeed, in this situation, since the taxpayer can control the matter, so long as he insures that the payment for the stock does not exceed fair market value, it would be unusual for the acquiring corporation ever to have a reduction of surplus unless the acquired stock was…”
Deluxe Check Printers, Inc. v. United States, 14 Cl. Ct. 782 (Ct. Cl. 1988). “Redemption has been defined at 26 U.S.C. § 317 (b) as follows: (b) Redemption of stock.”
Rita G. Shephard, Guardian of Susan Shephard v. Comm'r of Internal Revenue, 340 F.2d 27 (6th Cir. 1965). “* * * “26 U.S.C. § 317. Other definitions “(a) Property.”
Radnitz v. United States, 187 F. Supp. 952 (S.D.N.Y. 1960). “According to Section 317 (a), 26 U.S.C.A. § 317 (a), the term “property” comprehends money.”
Miller v. United States, 404 F. Supp. 284 (E.D.N.Y 1975). “Under the 1954 Internal Revenue Code, money and any other property except stock or stock rights in the distributing corporation are treated as property distributed by a corporation to the shareholder.”
United States v. Coghlan (In Re Coghlan), 227 B.R. 304 (D. Ariz. 1998). · cites it 2× “Debtor asserts that she retained a property interest in the levied account receivable even after the money had been collected by the IRS, and cites to 26 U.S.C. § 317 (a) for the proposition that the Internal Revenue Code (IRC) defines property for all purposes under the code as…”
Baumer v. United States, 580 F.2d 871 (5th Cir. 1978). · cites it 2× “26 U.S.C. § 317 (a). In accordance with this broad definition of property, dividends may be “in cash or in kind, and may also result when the corporation makes a ‘bargain sale’ of its property to the shareholder at less than fair market value.”
26 U.S.C. § 317(a): 1 case
United States v. Coghlan (In Re Coghlan), 227 B.R. 304 (D. Ariz. 1998). “Debtor asserts that she retained a property interest in the levied account receivable even after the money had been collected by the IRS, and cites to 26 U.S.C. § 317 (a) for the proposition that the Internal Revenue Code (IRC) defines property for all purposes under the code as…”
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