Irc Section 318

1954 such amendments shall not apply with.

Irc section 318. Internal revenue code 318. 31 1964 except that for purposes of sections 302 and 304 of the internal revenue code of 1986 formerly i r c. Constructive ownership of stock text contains those laws in effect on september 23 2020 from title 26 internal revenue code subtitle a income taxes chapter 1 normal taxes and surtaxes subchapter c corporate distributions and adjustments part i distributions by corporations subpart c definitions.

Internal revenue code section 318 a 1 constructive ownership of stock. If tony owns 100 of a business his wife maria is deemed also to own 100 of that business. For purposes of those provisions of this subchapter to which the rules contained in this section are expressly made applicable 1 members of family.

C clause vii of section 368 a 2 f of the internal revenue code of 1986 as added by paragraph 1 shall apply only with respect to transfers made after. Constructive ownership of stock. Constructive ownership of stock on westlaw findlaw codes are provided courtesy of thomson reuters westlaw the industry leading online legal research system.

Therefore maria is an hce and a key employee even though she owns none of the business in her own right. Internal revenue code section 318 used to determine who is a highly compensated employee key employee or a disqualified person in an employee stock ownership plan sponsored by subchapter s corporation. 1954 and it is the intent of the congress in restoring that credit in this act section 50 of.

For more detailed codes research information including annotations and citations please visit westlaw. If any person has an option to acquire stock such stock is considered as owned by such person. Clause viii of section 368 a 2 f of the internal revenue code of 1986 as added by paragraph 1 shall apply only with respect to losses sustained after september 26 1977.

Under section 318 a 2 and 3 constructive ownership rules are established for partnerships and partners estates and beneficiaries trusts and beneficiaries and corporations and stockholders. 318 a 3 b i stock owned directly or indirectly by or for a beneficiary of a trust other than an employees trust described in section 401 a which is exempt from tax under section 501 a shall be considered as owned by the trust unless such beneficiary s interest in the trust is a remote contingent interest. The amendments made by this section amending this section and sections 304 382 856 958 and 6038 of this title shall take effect on the date of the enactment of this act aug.