qualified corporation
Defined in 2 places of the United States Code.
For purposes of clause (i), the term “qualified corporation” means any corporation if 100 percent of the stock of such corporation is held by 1 or more qualified nonprofit organizations at all times during the period such corporation is in existence.
Source
- 1994–present26 U.S.C. § 42Internal Revenue Code · Low-income housing credit · for purposes of this section
For purposes of subparagraph (A), the term “qualified corporation” means any corporation (including a predecessor corporation)—
(i) with respect to which the taxpayer holds directly or indirectly during the entire period of such corporation’s existence at least the same ownership interest as the taxpayer holds in the corporation distributing the extraordinary dividend, and
(ii) which has no earnings and profits—
(I) which were earned by, or
(II) which are attributable to gain on property which accrued during a period the corporation holding the property was,
Source
- 2013–201826 U.S.C. § 1059Internal Revenue Code · Corporate shareholders basis in stock reduced by nontaxed portion of extraordinary dividends · for purposes of this section
For purposes of subparagraph (A), the term "qualified corporation" means any corporation (including a predecessor corporation)—
(i) with respect to which the taxpayer holds directly or indirectly during the entire period of such corporation's existence at least the same ownership interest as the taxpayer holds in the corporation distributing the extraordinary dividend, and
(ii) which has no earnings and profits—
(I) which were earned by, or
(II) which are attributable to gain on property which accrued during a period the corporation holding the property was,
a corporation not described in clause (i).
Source
- 1994–present26 U.S.C. § 1059Internal Revenue Code · Corporate shareholders basis in stock reduced by nontaxed portion of extraordinary dividends · for purposes of this section