IRS Prop. Reg.: Corporate Distribution of Property to Shareholders (IRC §301)

Proposed rules that would update existing regulations under tax code Section 301 to reflect statutory changes made by the Technical and Miscellaneous Revenue Act of 1988, issued by the IRS March 25. The current regulations reflect Section 301 prior to TAMRA amendments, the IRS stated. After TAMRA, Section 301(b)(1) provides that, for purposes of Section 301, the amount of any distribution shall be the amount of money received plus the fair market value of the other property received. Section 301(d), after TAMRA, provides that the basis of property received in a distribution to ...