(iii) is used for a purpose described by Section 337.002(1); (B) a facility in which any of the following entities engage in any activity in which the entity is permitted to engage: (i) a nonprofit corporation exempt from the franchise tax under Section 171.063, Tax Code; (ii) an organization described in Section 11.18, Tax Code; or (A) In general. Pub. 304; Oct. 19, 1980, Pub. In addition, the Commission may issue cease and desist orders against named importers and other persons engaged in … (B) SECTION 12-33-60. 2085, as amended. L. 96–223, title IV, § 403(b)(2)(A), 94 Stat. This site is updated continuously and includes Editor’s Notes written by expert staff at Bloomberg Tax indicating when a section has been repealed or when there is a delayed effective date allowing you to … . a corporation is liquidated in a liquidation to which, on the date of the adoption of the plan of liquidation, such corporation was indebted to the, for purposes of this section and section 336, any transfer of property to the, regulations to ensure that such purposes may not be circumvented through the use of any provision of law or regulations (including the consolidated return regulations and part III of this subchapter) or through the use of a regulated. Any individual engaged in agricultural production for market who has in place a nutrient management plan approved by the local Soil and Water Conservation District by the required tax return filing date of the individual shall be allowed a credit against the tax imposed by § 58.1-320 of an … LIQUIDATIONS UNDER SECTION 337 Theodore M. Garver The Internal Revenue Code of 1954 included a new provision, section 337, which allows the tax-free sale of property by a corporation in the process of liquidation. Subtitle D (§§ 631–634) of title VI of the Tax Reform Act of 1986 enacted sections 336 and 337 of this title, amended sections 26, 311, 312, 332, 334, 338, 341, 346, 367, 453, 453B, 467, 852, 897, 1056, 1248, 1255, 1276, 1363, 1366, 1374, and 1375 of this title, and repealed former sections 333, 336, and 337 of this title. Nonrecognition for property distributed to parent in complete liquidation of subsidiary Nonrecognition for property distributed to parent in … (b)(2)(B)(ii). SECTION 12-33-60. 2, 1980, Pub. --If--, (A) section 332 regulations providing for appropriate coordination of the provisions of this section with the provisions of this title relating to taxation of foreign corporations and their shareholders. L. 100–203, set out as a note under section 304 of this title. For purposes of the preceding sentence, if such property ceases to be used in an activity referred to in clause (i), such organization shall be treated as having disposed of such property on the date of such cessation. – A final tax at the rate of twenty percent (20%) is hereby imposed upon the amount of interest from any currency bank deposit and yield or any other monetary benefit from deposit substitutes and from trust funds and similar arrangements; royalties, except on books, as well as other literary works and musical compositions, which shall be imposed a final tax of ten percent (10%); prizes (except prizes …  For purposes of this section, the determination of whether any corporation is an 80-percent distributee shall be made without regard to any consolidated return regulation. (1) Indebtedness of subsidiary to parent. (c) relating to special rules for coordination with section 337 where purchasing corporation holds less than 100 percent of stock, and in case of certain redemptions where an election is made under this section. . L. 88–272 do not apply if there is a complete liquidation of such corporation and if the distribution of all the property under such liquidation occurs before Jan. 1, 1966, except for certain liquidations to which section 332 of this title applies. Bloomberg Tax offers full-text of the current Internal Revenue Code free of charge. 1954] as added by this section) with respect to which the … No gain or loss shall be recognized to the liquidating corporation on the distribution to the 80-percent distributee of any property in a complete liquidation to which section 332 applies. 3401, provided that: Amendment by Pub. Copyright © 2020, Thomson Reuters. . (B) Exception where property will be used in unrelated business.--. L. 99–514, Oct. 22, 1986, 100 Stat. Pub.  regulations providing for appropriate coordination of the provisions of this section with the provisions of this title relating to taxation of foreign corporations and their shareholders. Introduction. 7. (g)(3) of this section the amendments made by section 225 of Pub. Exception where property will be used in unrelated business, The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out the purposes of the amendments made by subtitle D of title VI of the, “The amendment made by subparagraph (A)(ii) [amending this section] shall not apply to any reorganization if before, Subchapter C. Corporate Distributions and Adjustments, Pub. Elements of a Section 337 Violation Section 337 of the Tariff Act of 1930, as amended (19 U.S.C. (ii) Later disposition or change in use. The Tax Reform Act of 1986, referred to in subsec. Insight on the tax consequences of a complete liquidation to the shareholders of a corporation; Requirements of Section 337; Basis of tax imposed on shareholders under section 333. 2803, related to gain or loss on sales or exchanges in connection with certain liquidations, prior to repeal by Pub. . §§1333, 1335, and 1337) and sections 2 and 1342(d)(1)(B) § 58.1-337. L. 100–647, set out as a note under section 1 of this title. --For purposes of this section, the term “80-percent distributee” means only the corporation which meets the 80-percent stock ownership requirements specified in . . Tax credit for purchase of advanced technology pesticide and fertilizer application equipment. For more detailed codes research information, including annotations and citations, please visit Westlaw. U.S. GAAP Codification, U.S. Tax Code by Section: Financial Accounting, Intermediate Accounting, Advanced Accounting: IFRS-U.S. GAAP Comparison, Securities Law Library: USC Title 26 enacted through 2008 § 337. Nonrecognition for property distributed to parent in complete liquidation of subsidiary on Westlaw, industry-leading online legal research system, Amazon Alleged to Spy on Its Workers Even More Than Its Consumers, Betting Money Is Now on Supreme Court Keeping ACA Largely Intact. For purposes of subparagraph (A), a distribution, or sale, or exchange, of a distributee corporation (within the meaning of section 337(c)(3) of the Internal Revenue Code of 1986) shall be treated as satisfying the requirements of subparagraph (A) if its subsidiary satisfies the requirements of subparagraph (A). Source Note: The provisions of this §3.337 adopted to be effective February 16, 2006, 31 TexReg 856; amended to be effective November 28, 2007, 32 TexReg 8521 L. 85–866, title I, § 19, 72 Stat. § 337 (a) In General —. Internal Revenue Code § 337. Except as provided in subparagraph (B), paragraph (1) and subsection (a) shall not apply where the 80-percent distributee is an organization (other than a cooperative described in section 521) which is exempt from the tax imposed by this chapter. Under regulations prescribed by the Secretary, the basis of the purchasing corporations nonrecently purchased stock shall be the basis amount determined under subparagraph (B) of this paragraph if the purchasing corporation makes an election to recognize gain as if such stock were sold on the acquisition date for an amount equal to the basis amount determined under subparagraph (B). L. 99–514, set out as a note under section 336 of this title. (ii) Later disposition or change in use. If any property to which clause (i) applied is disposed of by the organization acquiring such property, notwithstanding any other provision of law, any gain (not in excess of the amount not recognized by reason of clause (i)) shall be included in such organization’s unrelated business taxable income. 1615; Oct. 4, 1976, Pub.  regulations to ensure that such purposes may not be circumvented through the use of any provision of law or regulations (including the consolidated return regulations and part III of this subchapter) or through the use of a regulated investment company, real estate investment trust, or tax-exempt entity, and. LIQUIDATIONS UNDER SECTION 337 Theodore M. Garver The Internal Revenue Code of 1954 included a new provision, section 337, which allows the tax-free sale of property by a corporation in the process of liquidation. (2) Treatment of tax-exempt distributee.--. section 336 L. 96–589, § 5(c), 94 Stat. L. 99–514, title XVIII, § 1804(e)(7)(A), 100 Stat. The amendments made by this section [enacting this section and amending sections 168, 318, 334, 336, 337, 381, and 617 of this title] shall apply to any target corporation (within the meaning of section 338 of the Internal Revenue Code of 1986 [formerly I.R.C. Sec. (a) In general. 2904; Nov. 10, 1978, Pub. Section 1237 Capital Gain Opportunity: This is a specific tax credit that allows taxpayers to receive capital gains treatment on the sale of subdivided lots of land. if, immediately after such distribution, such organization uses such property in an activity the income from which is subject to tax under Google Chrome, Subparagraph (A) shall not apply to any distribution of property to an organization described in section 511(a)(2) if, immediately after such distribution, such organization uses such property in an activity the income from which is subject to tax under section 511(a). (b) Treatment of indebtedness of subsidiary, etc.--, (1) Indebtedness of subsidiary to parent. The rules in this part apply to investigations under section 337 of the Tariff Act of 1930 and related proceedings. 171, Part II, Section 22I. McDermott’s Real-Time Tax Disputes Insights. section 511(a) applies, and. Pub. Nonrecognition for property distributed to parent in complete liquidation of subsidiary (a) For purposes of this section, the term “80-percent distributee” means only the corporation which meets the 80-percent stock ownership requirements specified in section 332(b). The primary remedy available in Section 337 investigations is an exclusion order that directs Customs to stop infringing imports from entering the United States. Code Section 337(d) Subscribe to Code Section 337(d)'s Posts. Internal Revenue Code § 337. L. 100–647, § 1006(e)(4)(C), substituted “an activity referred to in clause (i)” for “an unrelated trade or business of such organization”. (2) 337. FCC Again Rejects Net Neutrality Even as Controversy Reignites. (i) In general. Prior to the adoption of the 1954 Code, the law was marked by the confusion and unfairness inherent in the … (d) Regulations. From a corporation to its stockholders upon complete or partial liquidation of the corporation in a transaction which qualifies for income tax treatment pursuant to § 331, 332, 333, or 337 of the Internal Revenue Code as it exists at the time of liquidation; 8. Board of Tax Appeals' finding of overpayment upon appeal from assessment. (1), substituted “this subchapter) or through the use of a regulated investment company, real estate investment trust, or tax-exempt entity” for “this subchapter)”. Bloomberg Tax offers full-text of the current Internal Revenue Code free of charge. 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