[USC02] 26 USC 1373: Foreign income
Result 1 of 1
26 USC 1373: Foreign income Text contains those laws in effect on April 12, 2021
From Title 26-INTERNAL REVENUE CODESubtitle A-Income TaxesCHAPTER 1-NORMAL TAXES AND SURTAXESSubchapter S-Tax Treatment of S Corporations and Their ShareholdersPART III-SPECIAL RULES

§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.

(Added Pub. L. 97–354, §2, Oct. 19, 1982, 96 Stat. 1682 .)

Prior Provisions

A 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.

Effective Date

Section 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.