IRC 11(a) - Tax imposed2
IRC 7701(a)(3) - Definitions2
Reg 301-7701-3(a); 301-7701-3(b)(1); 301-7701-3(c)2
IRC 243 - Dividends received by corporations3
(a) General rule3
(b) Qualifying dividends3
(d) Special rules for certain distributions5
(e) Certain dividends from foreign corporations6
IRC 246(b), 246(c) - Rules applying to deductions for dividends received6
(b) Limitation on aggregate amount of deductions6
(c) Exclusion of certain dividends6
IRC 248 - Organizational expenditures8
(a) Election to deduct8
(b) Organizational expenditures defined8
(c) Time for and scope of election8
IRC 170(a)(2), 170(b)(2), 170(d)(2) - Charitable, etc., contributions and gifts9
(a) Allowance of deduction9
(b) Percentage limitations9
(d) Carryovers of excess contributions10
IRC 291(a)(1) - Special rules relating to corporate preference items11
IRC 11(a) - Tax imposed
(a) Corporations in general
A tax is hereby imposed for each taxable year on the taxable income of every corporation.
IRC 7701(a)(3) - Definitions
The term “corporation” includes associations, joint-stock companies, and insurance companies.
The term “domestic” when applied to a corporation or partnership means created or organized in the United States or under the law of the United States or of any State unless, in the case of a partnership, the Secretary provides otherwise by regulations.
The term “foreign” when applied to a corporation or partnership means a corporation or partnership which is not domestic.
Reg 301-7701-3(a); 301-7701-3(b)(1); 301-7701-3(c)
Section 301.7701-3(a) provides that a business entity that is not classified as a corporation under § 301.7701-2(b)(1), (3), (4), (5), (6), (7), or (8) (an eligible entity) can elect its classification for federal tax purposes. Elections are necessary only when an eligible entity does not want to be classified under the default classification or when an eligible entity chooses to change its classification.
Section 301-7701-3(b)(2)(i) provides that, except for certain existing entities described in § 301-7701-3(b)(3), unless a domestic eligible entity elects otherwise, the entity is (A) a partnership if it has two or more members; or (B) disregarded as an entity separate from its owner if it has a single owner.
Section 301.7701-3(c)(1)(i) provides that an eligible entity may elect to be classified other than as provided under § 301-7701-3(b)(2) by filing Form 8832 with the appropriate service center. Under § 301-7701-3(c)(1)(iii), this election will be effective on the date specified by the entity on Form 8832 or on the date filed if no such date is specified. The date specified on Form 8832 cannot be more than 75 days prior to the date on which the election is filed and no more than 12 months after the date the election is filed.
IRC 243 - Dividends received by corporations
(a) General rule
In the case of a corporation, there shall be allowed as a deduction an amount equal to the following percentages of the amount received as dividends from a domestic corporation which is subject to taxation under this chapter: (1) 70 percent, in the case of dividends other than dividends described in paragraph (2) or (3); (2) 100 percent, in the case of dividends received by a small business investment company operating under the Small Business Investment Act of 1958 (15 U.S.C. 661 and following); and (3) 100 percent, in the case of qualifying dividends (as defined in subsection (b)(1)). (b) Qualifying dividends
(1) In general
For purposes of this section, the term “qualifying dividend” means any dividend received by a corporation— (A) if at the close of the day on which such dividend is received, such corporation is a member of the same...