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26 U.S.C. § 855 — Dividends paid by regulated investment company after close of taxable year

submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 292 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) General rule

For purposes of this chapter, if a regulated investment company—

(1)

declares a dividend on or before the later of—

(A)

the 15th day of the 9th month following the close of the taxable year, or

(B)

in the case of an extension of time for filing the company’s return for the taxable year, the due date for filing such return taking into account such extension, and

(2)

distributes the amount of such dividend to shareholders in the 12-month period following the close of such taxable year and not later than the date of the first dividend payment of the same type of dividend made after such declaration,

the amount so declared and distributed shall, to the extent the company elects in such return in accordance with regulations prescribed by the Secretary, be considered as having been paid during such taxable year, except as provided in subsections (b) and (c). For purposes of paragraph (2), a dividend attributable to any short-term capital gain with respect to which a notice is required under the Investment Company Act of 1940 shall be treated as the same type of dividend as a capital gain dividend.

(b) Receipt by shareholder

Except as provided in section 852(b)(7), amounts to which subsection (a) is applicable shall be treated as received by the shareholder in the taxable year in which the distribution is made.

(c) Foreign tax election

If an investment company to which section 853 is applicable for the taxable year makes a distribution as provided in subsection (a) of this section, the shareholders shall consider the amounts described in section 853(b)(2) allocable to such distribution as paid or received, as the case may be, in the taxable year in which the distribution is made.

Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 274; Pub. L. 86–779, § 10(b)(2), Sept. 14, 1960, 74 Stat. 1009; Pub. L. 88–272, title II, § 229(a)(5), Feb. 26, 1964, 78 Stat. 99; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 99–514, title VI, §§ 651(b)(1)(B), 655(a)(5), Oct. 22, 1986, 100 Stat. 2296, 2299; Pub. L. 100–647, title I, § 1006(l)(1)(B), Nov. 10, 1988, 102 Stat. 3413; Pub. L. 111–325, title III, §§ 301(g), 304(a)–(c), Dec. 22, 2010, 124 Stat. 3547–3549; Pub. L. 113–295, div. A, title II, § 205(b), Dec. 19, 2014, 128 Stat. 4026.)

history & why it existsrecord from the source credit
  • 1954Enacted · Act of Aug. 16, 1954, ch. 736
  • 1960Amended · Pub. L. 86-779 · 74 Stat. 1009
  • 1964Amended · Pub. L. 88-272 · 78 Stat. 99
  • 1976Amended · Pub. L. 94-455 · 90 Stat. 1834
  • 1986Amended · Pub. L. 99-514 · 100 Stat. 2296, 2299
  • 1988Amended · Pub. L. 100-647 · 102 Stat. 3413
  • 2010Amended · Pub. L. 111-325 · 124 Stat. 3547
  • 2014Amended · Pub. L. 113-295 · 128 Stat. 4026

A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.

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