Section 1367 Regarding Open Account Debt; Correction
type: GovernmentService
description: This document contains corrections to final regulations (TD 9428) that were published in the Federal Register on Monday, October 20, 2008 (73 FR62199) 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 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.
date published: 2008-11-14
start time: 2008-11-14
provider: IRS
  type: GovernmentOrganization
  parent organization: US Department of the Treasury
citation: DigitalDocument
license: https://creativecommons.org/publicdomain/zero/1.0/
source: https://www.federalregister.gov/documents/2008/11/14/E8-27024/section-1367-regarding-open-account-debt-correction
source organization: US Federal Register
publisher: AI Analytics

PropertyValue
property ID: Federal Register Document Number
value: E8-27024

PropertyValue
property ID: Federal Register Citation
value: 73 FR 67388

PropertyValue
property ID: CFR Reference
value: 26 CFR 1

PropertyValue
property ID: Treasury Docket
value: TD 9428

AI Analytics
type: Organization