Special subchapter C rules — Us Code Code § 997
Us Code Code § 997 — Special subchapter C rules. Reproduced from the official United States Code, with a citation summary, verification link, and related provisions.
§ 997. Special subchapter C rules
For purposes of applying the provisions of subchapter C of chapter 1, any distribution in property to a corporation by a DISC or former DISC which is made out of previously taxed income or accumulated DISC income shall—
(1) be treated as a distribution in the same amount as if such distribution of property were made to an individual, and
(2) have a basis, in the hands of the recipient corporation, equal to the amount determined under paragraph (1).
(Added Pub. L. 92–178, title V, §501, Dec. 10, 1971, 85 Stat. 549.)
PART V—INTERNATIONAL BOYCOTT DETERMINATIONS
Editorial Notes
Amendments
1976—Pub. L. 94–455, title X, §1064(a), Oct. 4, 1976, 90 Stat. 1650, added part heading and analysis of sections.
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26 U.S.C. § 997 is part of Title 26 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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