26 U.S.C. § 1373

Current through P.L. 118-47 (published on www.congress.gov on 03/23/2024)

Section 1373 - Foreign income

(a) S corporation treated as partnership, etc.

For purposes of subparts A and F of part III, and part V, of subchapter N (relating to income from sources without the United States)-

(1) an S corporation shall be treated as a partnership, and

(2) the shareholders of such corporation shall be treated as partners of such partnership.

(b) Recapture of overall foreign loss

For purposes of section 904(f) (relating to recapture of overall foreign loss), the making or termination of an election to be treated as an S corporation shall be treated as a disposition of the business.

26 U.S.C. § 1373

Added Pub. L. 97-354, §2, Oct. 19, 1982, 96 Stat. 1682.

EDITORIAL NOTES

PRIOR PROVISIONSA prior section 1373, added Pub. L. 85-866, title I, §64(a), Sept. 2, 1958, 72 Stat. 1652; amended Pub. L. 89-389, §2(b)(3), Apr. 14, 1966, 80 Stat. 114; Pub. L. 91-172, title III, §301(b)(10), Dec. 30, 1969, 83 Stat. 586, related to taxation of corporation undistributed taxable income to shareholders, prior to the general revision of this subchapter by section 2 of Pub. L. 97-354.

STATUTORY NOTES AND RELATED SUBSIDIARIES

EFFECTIVE DATESection applicable to taxable years beginning after Dec. 31, 1982, see section 6(a) of Pub. L. 97-354 set out as a note under section 1361 of this title.

corporation

The term "corporation" includes associations, joint-stock companies, and insurance companies.