26 C.F.R. § 1.1366-0

Current through September 30, 2024

Section 1.1366-0 - Table of contents

The following table of contents is provided to facilitate the use of §§ 1.1366-1 through 1.1366-5 :

§ 1.1366-1 Shareholder's share of items of an S corporation.

(a) Determination of shareholder's tax liability.

(1) In general.

(2) Separately stated items of income, loss, deduction, or credit.

(3) Nonseparately computed income or loss.

(4) Separate activities requirement.

(5) Aggregation of deductions or exclusions for purposes of limitations.

(b) Character of items constituting pro rata share.

(1) In general.

(2) Exception for contribution of noncapital gain property.

(3) Exception for contribution of capital loss property.

(c) Gross income of a shareholder.

(1) In general.

(2) Gross income for substantial omission of items.

(d) Shareholders holding stock subject to community property laws.

(e) Net operating loss deduction of shareholder of S corporation.

(f) Cross-reference.

§ 1.1366-2 Limitations on deduction of passthrough items of an S corporation to its shareholders.

(a) In general.

(1) Limitation on losses and deductions.

(2) Basis of indebtedness.

(i) In general.

(ii) Special rule for guarantees.

(iii) Examples.

(3) Carryover of disallowance.

(4) Basis limitation amount.

(i) Stock portion.

(ii) Indebtedness portion.

(5) Limitation on losses and deductions allocated to each item.

(6) Nontransferability of losses and deductions.

(i)In general.

(ii)Exceptions for transfers of stock under section 1041(a).

(iii)Examples.

(7) Basis of stock acquired by gift.

(b) Special rules for carryover of disallowed losses and deductions to post-termination transition period described in section 1377(b).

(1) In general.

(2) Limitation on losses and deductions.

(3) Limitation on losses and deductions allocated to each item.

(4) Adjustment to the basis of stock.

(c) Carryover of disallowed losses and deductions in the case of liquidations, reorganizations, and divisions.

(1) Liquidations and reorganizations.

(2) Corporate separations to which section 368(a)(1)(D) applies.

§ 1.1366-3 Treatment of family groups.

(a) In general.

(b) Examples.

§ 1.1366-4 Special rules limiting the passthrough of certain items of an S corporation to its shareholders.

(a) Passthrough inapplicable to section 34 credit.

(b) Reduction in passthrough for tax imposed on built-in gains.

(c) Reduction in passthrough for tax imposed on excess net passive income.

§ 1.1366-5 Effective/applicability date.

26 C.F.R. §1.1366-0

T.D. 8852, 64 FR 71644, Dec. 22, 1999, as amended by T.D. 9422, 73 FR 47530, Aug. 14, 2008; T.D. 9682, 79 FR 42677, July 23, 2014