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26 U.S.C. § 1378 — Taxable year of S corporation

submitted 44 years ago by Pub. L. 97-354 to r/title-26-INTERNAL-REVENUE-CODE · 85 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 subtitle, the taxable year of an S corporation shall be a permitted year.

(b) Permitted year defined

For purposes of this section, the term “permitted year” means a taxable year which—

(1)

is a year ending December 31, or

(2)

is any other accounting period for which the corporation establishes a business purpose to the satisfaction of the Secretary.

For purposes of paragraph (2), any deferral of income to shareholders shall not be treated as a business purpose.

Source credit: (Added Pub. L. 97–354, § 2, Oct. 19, 1982, 96 Stat. 1685; amended Pub. L. 98–369, div. A, title VII, § 721(m), (q), July 18, 1984, 98 Stat. 969, 970; Pub. L. 99–514, title VIII, § 806(b), Oct. 22, 1986, 100 Stat. 2363.)

history & why it existsrecord from the source credit
  • 1982Enacted · Pub. L. 97-354 · 96 Stat. 1685
  • 1984Amended · Pub. L. 98-369 · 98 Stat. 969, 970
  • 1986Amended · Pub. L. 99-514 · 100 Stat. 2363

A history note hasn’t been published yet. The record shows enactment by Pub. L. 97-354 on 1982-10-19.

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