Liquidating distributions corporation
If amounts are distributed in partial liquidation such amounts are treated under section 331(a)(2) as received in part or full payment in exchange for the stock. 4042]§ 197 - Amortization of goodwill and certain other intangibles§ 199 - Income attributable to domestic production activities§ 216 - Deduction of taxes, interest, and business depreciation by cooperative housing corporation tenant-stockholder§ 221 - Interest on education loans§ 263A - Capitalization and inclusion in inventory costs of certain expenses§ 267 - Losses, expenses, and interest with respect to transactions between related taxpayers§ 274 - Disallowance of certain entertainment, etc., expenses§ 280C - Certain expenses for which credits are allowable§ 280F - Limitation on depreciation for luxury automobiles; limitation where certain property used for personal purposes§ 280G - Golden parachute payments§ 301 - Distributions of property§ 304 - Redemption through use of related corporations§ 305 - Distributions of stock and stock rights§ 324§ 336 - Gain or loss recognized on property distributed in complete liquidation§ 337 - Nonrecognition for property distributed to parent in complete liquidation of subsidiary§ 338 - Certain stock purchases treated as asset acquisitions§ 351 - Transfer to corporation controlled by transferor§ 355 - Distribution of stock and securities of a controlled corporation§ 357 - Assumption of liability§ 358 - Basis to distributees§ 362 - Basis to corporations§ 367 - Foreign corporations§ 382 - Limitation on net operating loss carryforwards and certain built-in losses following ownership change§ 383 - Special limitations on certain excess credits, etc.§ 401 - Qualified pension, profit-sharing, and stock bonus plans§ 401 note - Qualified pension, profit-sharing, and stock bonus plans§ 402A - Optional treatment of elective deferrals as Roth contributions§ 403 - Taxation of employee annuities§ 404 - Deduction for contributions of an employer to an employees’ trust or annuity plan and compensation under a deferred-payment plan§ 408 - Individual retirement accounts§ 408A - Roth IRAs§ 409 - Qualifications for tax credit employee stock ownership plans§ 410 - Minimum participation standards§ 411 - Minimum vesting standards§ 414 - Definitions and special rules§ 417 - Definitions and special rules for purposes of minimum survivor annuity requirements§ 419A - Qualified asset account; limitation on additions to account§ 420 - Transfers of excess pension assets to retiree health accounts§ 441 - Period for computation of taxable income§ 442 - Change of annual accounting period§ 444 - Election of taxable year other than required taxable year§ 446 - General rule for methods of accounting§ 453 - Installment method§ 453A - Special rules for nondealers§ 458 - Magazines, paperbacks, and records returned after the close of the taxable year§ 460 - Special rules for long-term contracts§ 461 - General rule for taxable year of deduction§ 465 - Deductions limited to amount at risk§ 466 - Repealed.
A distribution is treated as in partial liquidation of a corporation if: An example of a distribution which will qualify as a partial liquidation under subparagraph (2) of this paragraph and section 346(a) is a distribution resulting from a genuine contraction of the corporate business such as the distribution of unused insurance proceeds recovered as a result of a fire which destroyed part of the business causing a cessation of a part of its activities.
On the other hand, the distribution of funds attributable to a reserve for an expansion program which has been abandoned does not qualify as a partial liquidation within the meaning of section 346(a).
A distribution which occurs within the taxable year in which the plan is adopted or within the succeeding taxable year and which meets the requirements of subsection (b) of section 346 falls within paragraph (a)(2) of this section and within section 346(a)(2). 2657]§ 108 - Income from discharge of indebtedness§ 110 - Qualified lessee construction allowances for short-term leases§ 129 - Dependent care assistance programs§ 132 - Certain fringe benefits§ 148 - Arbitrage§ 149 - Bonds must be registered to be tax exempt; other requirements§ 150 - Definitions and special rules§ 152 - Dependent defined§ 162 - Trade or business expenses§ 163 - Interest§ 165 - Losses§ 166 - Bad debts§ 168 - Accelerated cost recovery system§ 170 - Charitable, etc., contributions and gifts§ 171 - Amortizable bond premium§ 179 - Election to expense certain depreciable business assets§ 179A - Repealed.
The requirements which a distribution must meet to fall within subsection (b) of section 346 are: Such distribution is attributable to the corporation's ceasing to conduct, or consists of assets of, a trade or business which has been actively conducted throughout the five-year period immediately before the distribution, which trade or business was not acquired by the corporation within such period in a transaction in which gain or loss was recognized in whole or in part, and Immediately after such distribution by the corporation it is actively engaged in the conduct of a trade or business, which trade or business was actively conducted throughout the five-year period ending on the date of such distribution and was not acquired by the corporation within such period in a transaction in which gain or loss was recognized in whole or in part.
A distribution shall be treated as having been made in partial liquidation pursuant to section 346(b) if it consists of the proceeds of the sale of the assets of a trade or business which has been actively conducted for the five-year period and has been terminated, or if it is a distribution in kind of the assets of such a business, or if it is a distribution in kind of some of the assets of such a business and of the proceeds of the sale of the remainder of the assets of such a business.
In general, a distribution which will qualify under section 346(b) may consist of, but is not limited to: Assets (other than inventory or property described in subdivision (ii) of this subparagraph) used in the trade or business throughout the five-year period immediately before the distribution (for this purpose an asset shall be considered used in the trade or business during the period of time the asset which it replaced was so used), or The items constituting such inventory or such property were substantially similar to the items constituting such inventory or property during the five-year period immediately before the distribution, and The quantity of such items on the date of distribution was not substantially in excess of the quantity of similar items regularly on hand in the conduct of such business during such five-year period, or Proceeds from the sale of inventory or property described in subdivision (iii) of this subparagraph, if such inventory or property is sold in bulk in the course of termination of such trade or business and if with respect to such inventory the conditions of subdivision (iii)( In the case of a business the proceeds of the sale of the assets of which are distributed, such business was actively conducted until the date of sale and the proceeds of such sale were distributed as soon thereafter as reasonably possible. 4037]§ 36B - Refundable credit for coverage under a qualified health plan§ 38 - General business credit§ 40 - Alcohol, etc., used as fuel§ 41 - Credit for increasing research activities§ 42 - Low-income housing credit§ 43 - Enhanced oil recovery credit§ 45D - New markets tax credit§ 46 - Amount of credit§ 47 - Rehabilitation credit§ 52 - Special rules§ 56 - Adjustments in computing alternative minimum taxable income§ 58 - Denial of certain losses§ 61 - Gross income defined§ 62 - Adjusted gross income defined§ 66 - Treatment of community income§ 67 - 2-percent floor on miscellaneous itemized deductions§ 72 - Annuities; certain proceeds of endowment and life insurance contracts§ 101 - Certain death benefits§ 103 - Interest on State and local bonds§ 103A - Repealed.
This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.
This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].
It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly.
More limitations on accuracy are described at the GPO site.§ 1 - Tax imposed§ 21 - Expenses for household and dependent care services necessary for gainful employment§ 23 - Adoption expenses§ 25 - Interest on certain home mortgages§ 25A - Hope and Lifetime Learning credits§ 28 - Renumbered § 45C]§ 30 - Repealed.
2373]§ 467 - Certain payments for the use of property or services§ 468A - Special rules for nuclear decommissioning costs§ 468B - Special rules for designated settlement funds§ 469 - Passive activity losses and credits limited§ 471 - General rule for inventories§ 472 - Last-in, first-out inventories§ 475 - Mark to market accounting method for dealers in securities§ 481 - Adjustments required by changes in method of accounting§ 482 - Allocation of income and deductions among taxpayers§ 483 - Interest on certain deferred payments§ 493§ 504 - Status after organization ceases to qualify for exemption under section 501(c)(3) because of substantial lobbying or because of political activities§ 514 - Unrelated debt-financed income§ 527 - Political organizations§ 585 - Reserves for losses on loans of banks§ 597 - Treatment of transactions in which Federal financial assistance provided§ 642 - Special rules for credits and deductions§ 643 - Definitions applicable to subparts A, B, C, and D§ 645 - Certain revocable trusts treated as part of estate§ 663 - Special rules applicable to sections 661 and 662§ 664 - Charitable remainder trusts§ 672 - Definitions and rules§ 679 - Foreign trusts having one or more United States beneficiaries§ 701 - Partners, not partnership, subject to tax§ 702 - Income and credits of partner§ 703 - Partnership computations§ 704 - Partner’s distributive share§ 705 - Determination of basis of partner’s interest§ 706 - Taxable years of partner and partnership§ 707 - Transactions between partner and partnership§ 708 - Continuation of partnership§ 709 - Treatment of organization and syndication fees§ 721 - Nonrecognition of gain or loss on contribution§ 722 - Basis of contributing partner’s interest§ 723 - Basis of property contributed to partnership§ 724 - Character of gain or loss on contributed unrealized receivables, inventory items, and capital loss property§ 731 - Extent of recognition of gain or loss on distribution§ 732 - Basis of distributed property other than money§ 733 - Basis of distributee partner’s interest§ 734 - Adjustment to basis of undistributed partnership property where section 754 election or substantial basis reduction§ 735 - Character of gain or loss on disposition of distributed property§ 736 - Payments to a retiring partner or a deceased partner’s successor in interest§ 737 - Recognition of precontribution gain in case of certain distributions to contributing partner§ 741 - Recognition and character of gain or loss on sale or exchange§ 742 - Basis of transferee partner’s interest§ 743 - Special rules where section 754 election or substantial built-in loss§ 751 - Unrealized receivables and inventory items§ 752 - Treatment of certain liabilities§ 753 - Partner receiving income in respect of decedent§ 754 - Manner of electing optional adjustment to basis of partnership property§ 755 - Rules for allocation of basis§ 761 - Terms defined§ 809 - Repealed.
610]§ 817A - Special rules for modified guaranteed contracts§ 832 - Insurance company taxable income§ 845 - Certain reinsurance agreements§ 846 - Discounted unpaid losses defined§ 848 - Capitalization of certain policy acquisition expenses§ 852 - Taxation of regulated investment companies and their shareholders§ 860E - Treatment of income in excess of daily accruals on residual interests§ 860G - Other definitions and special rules§ 863 - Special rules for determining source§ 864 - Definitions and special rules§ 865 - Source rules for personal property sales§ 874 - Allowance of deductions and credits§ 882 - Tax on income of foreign corporations connected with United States business§ 883 - Exclusions from gross income§ 884 - Branch profits tax§ 892 - Income of foreign governments and of international organizations§ 894 - Income affected by treaty§ 897 - Disposition of investment in United States real property§ 901 - Taxes of foreign countries and of possessions of United States§ 902 - Deemed paid credit where domestic corporation owns 10 percent or more of voting stock of foreign corporation§ 904 - Limitation on credit§ 907 - Special rules in case of foreign oil and gas income§ 911 - Citizens or residents of the United States living abroad§ 924§ 925§ 927§ 934 - Limitation on reduction in income tax liability incurred to the Virgin Islands§ 936 - Puerto Rico and possession tax credit§ 937 - Residence and source rules involving possessions§ 954 - Foreign base company income§ 956 - Investment of earnings in United States property§ 957 - Controlled foreign corporations; United States persons§ 960 - Special rules for foreign tax credit§ 963 - Repealed.
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