- 7 -
which it was an S corporation. Sec. 1374(d)(3).
D. Petitioner’s Contentions
Section 6245 provides that “the term ‘subchapter S item’
means any item of an S corporation to the extent regulations
prescribed by the Secretary provide that * * * such item is more
appropriately determined at the corporate level than at the
shareholder level.” Section 301.6245-1T(a)(1)(vi)(G), Temporary
Proced. & Admin. Regs., 52 Fed. Reg. 3003 (Jan. 30, 1987),4
defines subchapter S items to include taxes that are imposed at
4 Sec. 301.6245-1T, Temporary Proced. & Admin. Regs., 52
Fed. Reg. 3003 (Jan. 30, 1987), defines subchapter S items, in
part, as follows:
Sec. 301.6245-1T subchapter S items. (a) In
general. For purposes of subtitle F of the Internal
Revenue Code of 1986, the following items which are
required to be taken into account for the taxable year
of an S corporation under subtitle A of the Code are
more appropriately determined at the corporate level
than at the shareholder level and, therefore, are
subchapter S items:
(1) The S corporation aggregate and each
shareholder’s share of, and any factor necessary to
determine, each of the following:
* * * * * * *
(vi) Other amounts determinable at the corporate
level with respect to corporate assets, investments,
transactions, and operations necessary to enable the S
corporation or the shareholders to determine--
* * * * * * *
(G) The taxes imposed at the corporate
level, such as the taxes imposed under secs.
56, 1374, or 1375; ***
[Emphasis added.]
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011