26 U.S.C. § 561 — Definition of deduction for dividends paid
submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 96 words · no verdicts yet
(a) The dividends-paid deduction is the sum of (1) dividends paid during the taxable year, (2) consent dividends determined under section 565, and (3) a personal holding company’s section 564 dividend carryover. (b) Section 562’s rules for eligible dividends and section 563’s rules for dividends paid after the year also apply.
(a) The dividends-paid deduction is the sum of (1) dividends paid during the taxable year*, (2) consent dividends determined under section 565, and (3) a personal holding company’s section 564 dividend carryover. (b) Section 562’s rules for eligible dividends and section 563’s rules for dividends paid after the year also apply.
The deduction for dividends paid shall be the sum of—
the dividends paid during the taxable year*,
the consent dividends for the taxable year (determined under section 565), and
in the case of a personal holding company, the dividend carryover described in section 564.
In determining the deduction for dividends paid, the rules provided in section 562 (relating to rules applicable in determining dividends eligible for dividends paid deduction) and section 563 (relating to dividends paid after the close of the taxable year) shall be applicable.
Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 198; Pub. L. 87–403, § 3(f), Feb. 2, 1962, 76 Stat. 8; Pub. L. 94–455, title XIX, § 1901(b)(32)(H), Oct. 4, 1976, 90 Stat. 1800.)
- 1954Enacted · Act of Aug. 16, 1954, ch. 736
- 1962Amended · Pub. L. 87-403 · 76 Stat. 8
- 1976Amended · Pub. L. 94-455 · 90 Stat. 1800
A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.
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