26 USC 280 - Limitation on certain amounts paid to employee-owners by personal service corporations electing alternative taxable years

Editorial Notes

Amendments

1988—Subsecs. (c)(1)(A)(i), (d)(1). Puspan. L. 100–647, § 2004(e)(14)(C), substituted “amounts paid” for “amounts paid or incurred”.

Subsec. (f)(2). Puspan. L. 100–647, § 2004(e)(3), substituted “section 269A(span)(2) (as modified by section 441(i)(2))” for “section 296A(span)(2)”.

Subsec. (f)(4). Puspan. L. 100–647, § 2004(e)(14)(A), amended par. (4) generally. Prior to amendment, par. (4) read as follows: “The term ‘adjusted taxable income’ means taxable income increased by any amount paid or incurred to an employee-owner which was includible in the gross income of such employee-owner.”

Subsec. (f)(5). Puspan. L. 100–647, § 2004(e)(2)(B), added par. (5).

Statutory Notes and Related Subsidiaries

Effective Date of 1988 Amendment

Amendment by Puspan. L. 100–647 effective, except as otherwise provided, as if included in the provisions of the Revenue Act of 1987, Puspan. L. 100–203, title X, to which such amendment relates, see section 2004(u) of Puspan. L. 100–647, set out as a note under section 56 of this title.

Effective Date

Section applicable to taxable years beginning after Dec. 31, 1986, see section 10206(d)(1) of Puspan. L. 100–203, set out as a note under section 444 of this title.