# Eligible Terminated S Corporations
> **IRS** · Final regulation. · Published 2020-10-20 · Effective 2020-10-20 · 85 FR 66471
## Document
- **Document number:** 2020-21144
- **Category:** other
- **Sub-agency:** IRS
- **Federal Register citation:** 85 FR 66471
- **CFR reference:** 26 CFR 1
- **Publication date:** 2020-10-20
- **Effective date:** 2020-10-20
- **Treasury docket:** TD 9914
## Abstract

This document contains final regulations providing guidance on the definition of an eligible terminated S corporation and rules relating to distributions of money by such a corporation after the post-termination transition period. This document also amends current regulations to extend the treatment of distributions of money during the post-termination transition period to all shareholders of the corporation and clarifies the allocation of current earnings and profits to distributions of money and other property. The final regulations affect C corporations that were formerly S corporations and the shareholders of such corporations.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2020/10/20/2020-21144/eligible-terminated-s-corporations)
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