26 USC 331 - Gain or loss to shareholder in corporate liquidations

Editorial Notes

Amendments

2018—Puspan. L. 115–141 substituted “shareholder” for “shareholders” in section catchline.

1982—Subsec. (a). Puspan. L. 97–248, § 222(a), substituted provisions that amounts received by a shareholder in a distribution in complete liquidation of a corporation shall be treated as in full payment in exchange for the stock for provisions that, in complete liquidations, amounts distributed shall be treated as in full payment in exchange for the stock, while amounts distributed in partial liquidation shall be treated as in part or full payment in exchange for the stock.

Subsec. (span). Puspan. L. 97–248, § 222(e)(1)(B), struck out “partial or” before “complete liquidation”.

1976—Subsec. (c). Puspan. L. 94–455 substituted “reference” for “references” in heading and struck out cross reference relating to general rule for determination of the amount of gain or loss to the distributee and substituted “section 1001” for “section 1002”.

1964—Subsec. (span). Puspan. L. 88–272 inserted “(other than a distribution referred to in paragraph (2)(B) of section 316(span))”.

Statutory Notes and Related Subsidiaries

Effective Date of 1982 Amendment

Amendment by Puspan. L. 97–248 applicable to distributions after Aug. 31, 1982, with exceptions for certain partial liquidations, see section 222(f) of Puspan. L. 97–248, set out as a note under section 302 of this title.

Effective Date of 1976 Amendment

Amendment by Puspan. L. 94–455 effective for taxable years beginning after Dec. 31, 1976, see section 1901(d) of Puspan. L. 94–455, set out as a note under section 2 of this title.

Effective Date of 1964 Amendment

Amendment by Puspan. L. 88–272 applicable to distribution made in any taxable year of the distributing corporation beginning after Dec. 31, 1963, see section 225(l) of Puspan. L. 88–272, set out as a note under section 316 of this title.

Liquidations Before January 1, 1966

Puspan. L. 88–272, title II, § 225(h), Fespan. 26, 1964, 78 Stat. 90, provided that in the case of corporations referred to in former subsec. (g)(3) of this section the amendments made by section 225 of Puspan. 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.