Cases: Fulman v. United States, 434 U.S. 528 (1978); Callan v. Commissioner, 54 T.C. 1514 (1970); L. C. Bohart Plumbing & Heating Co. v. Commissioner, 64 T.C. 602 (1975)
(a) General rule The deduction for dividends paid shall be the sum of—
Cited by 1
(1) the dividends paid during the taxable year,
(2) the consent dividends for the taxable year (determined under section 565), and
(3) in the case of a personal holding company, the dividend carryover described in section 564.
(b) Special rules applicable In determining the deduction for dividends paid, the rules provided in section 562 (relating to rules applicable in determining dividends eligible for dividends paid deduction) and section 563 (relating to dividends paid after the close of the taxable year) shall be applicable.
Amended 1962, 1976
- 1976 Pub. L. 94-455 Pub. L. 94–455 redesignated existing provisions of par. (1) as subsec. (b) and struck out par. (2) relating to special adjustment on disposition of antitrust stock as a dividend.
- 1962 Pub. L. 87-403 Pub. L. 87–403 designated existing provisions as par. (1) and added par. (2).