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26 U.S.C. § 1561 — Limitation on accumulated earnings credit in the case of certain controlled corporations

submitted 62 years ago by Pub. L. 88-272 to r/title-26-INTERNAL-REVENUE-CODE · 212 words · no verdicts yet

in plain englishAI-generated · not legal advice

A translation hasn’t been published for this section yet. The official text below is complete and authoritative.

the actual law source: uscode.house.gov ↗public domain
(a) In general

The component members of a controlled group of corporations on a December 31 shall, for their taxable years which include such December 31, be limited for purposes of this subtitle to one $250,000 ($150,000 if any component member is a corporation described in section 535(c)(2)(B)) amount for purposes of computing the accumulated earnings credit under section 535(c)(2) and (3). Such amount shall be divided equally among the component members of such group on such December 31 unless the Secretary prescribes regulations permitting an unequal allocation of such amount.

(b) Certain short taxable years

If a corporation has a short taxable year which does not include a December 31 and is a component member of a controlled group of corporations with respect to such taxable year, then for purposes of this subtitle, the amount to be used in computing the accumulated earnings credit under section 535(c)(2) and (3) of such corporation for such taxable year shall be the amount specified in subsection (a) with respect to such group, divided by the number of corporations which are component members of such group on the last day of such taxable year. For purposes of the preceding sentence, section 1563(b) shall be applied as if such last day were substituted for December 31.

Source credit: (Added Pub. L. 88–272, title II, § 235(a), Feb. 26, 1964, 78 Stat. 116; amended Pub. L. 91–172, title IV, § 401(a)(1), Dec. 30, 1969, 83 Stat. 599; Pub. L. 94–12, title III, §§ 303(c)(1), 304(b), Mar. 29, 1975, 89 Stat. 44, 45; Pub. L. 94–164, § 4(d)(1), Dec. 23, 1975, 89 Stat. 974; Pub. L. 94–455, title IX, § 901(c)(1), title XIX, §§ 1901(b)(1)(J)(v), 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1607, 1791, 1834; Pub. L. 95–600, title III, § 301(b)(19), title VII, § 703(j)(7), Nov. 6, 1978, 92 Stat. 2823, 2941; Pub. L. 97–34, title II, § 232(b)(3), Aug. 13, 1981, 95 Stat. 250; Pub. L. 97–248, title II, § 259(b), (c), Sept. 3, 1982, 96 Stat. 539; Pub. L. 98–369, div. A, title I, § 66(b), title II, § 211(b)(21), July 18, 1984, 98 Stat. 585, 756; Pub. L. 99–499, title V, § 516(b)(3), Oct. 17, 1986, 100 Stat. 1771; Pub. L. 99–514, title VII, § 701(e)(2), Oct. 22, 1986, 100 Stat. 2342; Pub. L. 100–647, title II, § 2004(l), Nov. 10, 1988, 102 Stat. 3606; Pub. L. 104–188, title I, § 1703(f), Aug. 20, 1996, 110 Stat. 1876; Pub. L. 113–295, div. A, title II, § 221(a)(12)(H), Dec. 19, 2014, 128 Stat. 4038; Pub. L. 115–97, title I, §§ 12001(b)(16), 13001(b)(6)(A), Dec. 22, 2017, 131 Stat. 2094, 2098.)

history & why it existsrecord from the source credit
  • 1964Enacted · Pub. L. 88-272 · 78 Stat. 116
  • 1969Amended · Pub. L. 91-172 · 83 Stat. 599
  • 1975Amended · Pub. L. 94-12 · 89 Stat. 44, 45
  • 1975Amended · Pub. L. 94-164 · 89 Stat. 974
  • 1976Amended · Pub. L. 94-455 · 90 Stat. 1607, 1791, 1834
  • 1978Amended · Pub. L. 95-600 · 92 Stat. 2823, 2941
  • 1981Amended · Pub. L. 97-34 · 95 Stat. 250
  • 1982Amended · Pub. L. 97-248 · 96 Stat. 539
  • 1984Amended · Pub. L. 98-369 · 98 Stat. 585, 756
  • 1986Amended · Pub. L. 99-499 · 100 Stat. 1771
  • 1986Amended · Pub. L. 99-514 · 100 Stat. 2342
  • 1988Amended · Pub. L. 100-647 · 102 Stat. 3606
  • 1996Amended · Pub. L. 104-188 · 110 Stat. 1876
  • 2014Amended · Pub. L. 113-295 · 128 Stat. 4038
  • 2017Amended · Pub. L. 115-97 · 131 Stat. 2094, 2098

A history note hasn’t been published yet. The record shows enactment by Pub. L. 88-272 on 1964-02-26.

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