# Section 1367 Regarding Open Account Debt
> **IRS** · Final regulations. · Published 2008-10-20 · Effective 2008-10-20 · 73 FR 62199
## Document
- **Document number:** E8-24926
- **Category:** tax-irs
- **Sub-agency:** IRS
- **Federal Register citation:** 73 FR 62199
- **CFR reference:** 26 CFR 1
- **Publication date:** 2008-10-20
- **Effective date:** 2008-10-20
- **Treasury docket:** TD 9428
## Abstract

This document contains final regulations relating to the treatment of open account debt between S corporations and their shareholders. These final regulations provide rules regarding the definition of open account debt and the adjustments in basis of any indebtedness of an S corporation to a shareholder under section 1367(b)(2) of the Internal Revenue Code (Code) for shareholder advances and repayments on advances of open account debt. The regulations affect shareholders of S corporations and are necessary to provide guidance needed to comply with the applicable tax law.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2008/10/20/E8-24926/section-1367-regarding-open-account-debt)
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