§ 1378. Taxable year of S corporation
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/usc/title-26/section-1378A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.
(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.)
Connections19 cite this · traces to 1
Cited by 19 sections · top 12
U.S. Code
- § 46Amount of credit
- § 267Losses, expenses, and interest with respect to transactions between related taxpayers
- § 584Common trust funds
- § 706Taxable years of partner and partnership
- § 644Taxable year of trusts
- § 441Period for computation of taxable income
- § 7519Required payments for entities electing not to have required taxable year
statutes-at-large
- Public Law 91–169to promote the safety of employees and travelers upon railroads by limiting the hours of service of employees thereon,” approved March 4, 1907
- Public Law 100–647To make technical corrections relating to the Tax Reform Act of 1986, and for other purposes
- Public Law 98–369To provide for tax reform, and for deficit reduction
- Public Law 97–354To revise subchapter S of the Internal Revenue Code of 1954 (relating to small business corporations)
- Public Law 94–455To reform the tax laws of the United States
Traces to 1 document
U.S. Code
28 references not yet in our index
- Pub. L. 97–354, § 2
- 96 Stat. 1685
- Pub. L. 98–369, div. A, title VII, § 721(m)
- 98 Stat. 969
- Pub. L. 99–514, title VIII, § 806(b)
- 100 Stat. 2363
- Pub. L. 89–389, § 2(a)
- 80 Stat. 113
- Pub. L. 91–172, title V, § 511(c)(4)
- 83 Stat. 638
- Pub. L. 94–455, title XIX, § 1901(a)(152)
- 90 Stat. 1789
- section 2 of Pub. L. 97–354
- Pub. L. 99–514, § 806(b)(1)
- Pub. L. 99–514, § 806(b)(2)
- Pub. L. 99–514, § 806(b)(3)
- Pub. L. 98–369, § 721(m)
- Pub. L. 98–369, § 721(q)
- Pub. L. 99–514, title VIII, § 806(e)
- 100 Stat. 2364
- Pub. L. 100–647, title I, § 1008(e)(7)
- 102 Stat. 3441
- Pub. L. 98–369
- Pub. L. 97–354
- section 721(y)(1) of Pub. L. 98–369
- section 6(a) of Pub. L. 97–354
- Pub. L. 100–647, title I, § 1008(e)(9)
- Pub. L. 99–514
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cites case law
§ 1378
Taxable year of S corporation
U.S.C.×11
Stat.×8
Pub. L.Pub. L. 97–354, § 2
Stat.96 Stat. 1685
Pub. L.Pub. L. 98–369, div. A, title VII, § 721(m)
Stat.98 Stat. 969
Pub. L.Pub. L. 99–514, title VIII, § 806(b)
Cites 29 · showing 6Cited by 19 across 2 sources