U.S. Code » Title 26 » Subtitle Subtitle A— Income Taxes › Chapter CHAPTER 1— NORMAL TAXES AND SURTAXES › Subchapter Subchapter N— Tax Based on Income From Sources Within or Without the United States › Part PART IV— DOMESTIC INTERNATIONAL SALES CORPORATIONS › Subpart Subpart B— Treatment of Distributions to Shareholders

26 U.S.C. § 997

Special subchapter C rules

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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.)
Notes of Decisions
Cited in 1 case, 1942–1942 · leading case: Cloverleaf Butter Co. v. Patterson, 315 U.S. 148 (1942).
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Cloverleaf Butter Co. v. Patterson, 315 U.S. 148 (1942). “’ ” 16 An error appeared in 26 U. S. C. § 997 (c) in the codification of the proviso of 37 Stat.”
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