# Treas. Reg. § 1.312-5: Special rule for partial liquidations and certain redemptions.

Source: eCFR as of 2026-10-19 <https://www.ecfr.gov/current/title-26/section-1.312-5>. Interprets 26 U.S.C. § 312.

The part of the distribution properly chargeable to capital account within the provisions of section 312(e) shall not be considered a distribution of earnings and profits within the meaning of section 301 for the purpose of determining taxability of subsequent distributions by the corporation.