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Electronic Code of Federal Regulations

e-CFR Data is current as of November 20, 2014

Title 26Chapter ISubchapter APart 1 → §1.1366-5


Title 26: Internal Revenue
PART 1—INCOME TAXES (CONTINUED)


§1.1366-5   Effective/applicability date.

(a) Sections 1.1366-1, 1.1366-2(a)(1), and 1.1366-2(b) through 1.1366-4 apply to taxable years of an S corporation beginning on or after August 18, 1998.

(b) Section 1.1366-2(a)(2) applies to indebtedness between an S corporation and its shareholder resulting from any transaction occurring on or after July 23, 2014. In addition, S corporations and their shareholders may rely on §1.1366-2(a)(2) with respect to indebtedness between an S corporation and its shareholder that resulted from any transaction that occurred in a year for which the period of limitations on the assessment of tax has not expired before July 23, 2014.

(c) Sections 1.1366-2(a)(3) through (7), and this section apply on and after July 23, 2014. For rules that apply before that date, see 26 CFR part 1 (revised as of April 1, 2014).

[ T.D. 9682, 79 FR 42678, July 23, 2014]



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