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Internal Revenue Code · 26 U.S.C.

Subchapter S. Tax Treatment of S Corporations and Their Shareholders

Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). The official version is at uscode.house.gov (external site).

  1. Part I IN GENERAL §§ 1361–1363

    1. § 1361 S corporation defined
    2. § 1362 Election; revocation; termination
    3. § 1363 Effect of election on corporation

  2. Part II TAX TREATMENT OF SHAREHOLDERS §§ 1366–1368

    1. § 1366 Pass-thru of items to shareholders
    2. § 1367 Adjustments to basis of stock of shareholders, etc.
    3. § 1368 Distributions

  3. Part III SPECIAL RULES §§ 1371–1375

    1. § 1371 Coordination with subchapter C
    2. § 1372 Partnership rules to apply for fringe benefit purposes
    3. § 1373 Foreign income
    4. § 1374 Tax imposed on certain built-in gains
    5. § 1375 Tax imposed when passive investment income of corporation having accumulated earnings and profits exceeds 25 percent of gross receipts

  4. Part IV DEFINITIONS; MISCELLANEOUS §§ 1377–1379

    1. § 1377 Definitions and special rule
    2. § 1378 Taxable year of S corporation
    3. § 1379 Transitional rules on enactment