required payment
Defined in 1 place of the United States Code.
For purposes of this section, the term "required payment" means, with respect to any applicable election year of a partnership or S corporation, an amount equal to—
Source
- 1994–201526 U.S.C. § 7519Internal Revenue Code · Required payments for entities electing not to have required taxable year · for purposes of this section
For purposes of this section, the term “required payment” means, with respect to any applicable election year of a partnership or S corporation, an amount equal to—
(1) the excess of the product of—
(A) the applicable percentage of the adjusted highest section 1 rate, multiplied by
(B) the net base year income of the entity, over
(2) the net required payment balance.
Source
- 2013–present26 U.S.C. § 7519Internal Revenue Code · Required payments for entities electing not to have required taxable year · for purposes of this section