
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC855]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                        Subtitle A--Income Taxes
 
                  CHAPTER 1--NORMAL TAXES AND SURTAXES
 
Subchapter M--Regulated Investment Companies and Real Estate Investment 
                                 Trusts
 
                 PART I--REGULATED INVESTMENT COMPANIES
 
Sec. 855. Dividends paid by regulated investment company after 
        close of taxable year
        

(a) General rule

    For purposes of this chapter, if a regulated investment company--
        (1) declares a dividend prior to the time prescribed by law for 
    the filing of its return for a taxable year (including the period of 
    any extension of time granted for filing such return), and
        (2) distributes the amount of such dividend to shareholders in 
    the 12-month period following the close of such taxable year and not 
    later than the date of the first regular dividend payment made after 
    such declaration,

the amount so declared and distributed shall, to the extent the company 
elects in such return in accordance with regulations prescribed by the 
Secretary, be considered as having been paid during such taxable year, 
except as provided in subsections (b), (c) and (d).

(b) Receipt by shareholder

    Except as provided in section 852(b)(7), amounts to which subsection 
(a) is applicable shall be treated as received by the shareholder in the 
taxable year in which the distribution is made.

(c) Notice to shareholders

    In the case of amounts to which subsection (a) is applicable, any 
notice to shareholders required under this part with respect to such 
amounts shall be made not later than 60 days after the close of the 
taxable year in which the distribution is made.

(d) Foreign tax election

    If an investment company to which section 853 is applicable for the 
taxable year makes a distribution as provided in subsection (a) of this 
section, the shareholders shall consider the amounts described in 
section 853(b)(2) allocable to such distribution as paid or received, as 
the case may be, in the taxable year in which the distribution is made.

(Aug. 16, 1954, ch. 736, 68A Stat. 274; Pub. L. 86-779, Sec. 10(b)(2), 
Sept. 14, 1960, 74 Stat. 1009; Pub. L. 88-272, title II, Sec. 229(a)(5), 
Feb. 26, 1964, 78 Stat. 99; Pub. L. 94-455, title XIX, 
Sec. 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 99-514, title 
VI, Secs. 651(b)(1)(B), 655(a)(5), Oct. 22, 1986, 100 Stat. 2296, 2299; 
Pub. L. 100-647, title I, Sec. 1006(l)(1)(B), Nov. 10, 1988, 102 Stat. 
3413.)


                               Amendments

    1988--Subsec. (b). Pub. L. 100-647 substituted ``section 852(b)(7)'' 
for ``section 852(b)(6)''.
    1986--Subsec. (b). Pub. L. 99-514, Sec. 651(b)(1)(B), substituted 
``Except as provided in section 852(b)(6), amounts'' for ``Amounts''.
    Subsec. (c). Pub. L. 99-514, Sec. 655(a)(5), substituted ``60 days'' 
for ``45 days''.
    1976--Subsec. (a). Pub. L. 94-455 struck out ``or his delegate'' 
after ``Secretary''.
    1964--Subsec. (c). Pub. L. 88-272 substituted ``45 days'' for ``30 
days''.
    1960--Subsec. (c). Pub. L. 86-779 substituted ``this part'' for 
``this subchapter''.


                    Effective Date of 1988 Amendment

    Amendment by Pub. L. 100-647 effective, except as otherwise 
provided, as if included in the provision of the Tax Reform Act of 1986, 
Pub. L. 99-514, to which such amendment relates, see section 1019(a) of 
Pub. L. 100-647, set out as a note under section 1 of this title.


                    Effective Date of 1986 Amendment

    Amendment by section 651(b)(1)(B) of Pub. L. 99-514 applicable to 
calendar years beginning after Dec. 31, 1986, see section 651(d) of Pub. 
L. 99-514, set out as an Effective Date note under section 4982 of this 
title.
    Amendment by section 655(a)(5) of Pub. L. 99-514 applicable to 
taxable years beginning after Oct. 22, 1986, see section 655(b) of Pub. 
L. 99-514, set out as a note under section 852 of this title.


                    Effective Date of 1964 Amendment

    Amendment by Pub. L. 88-272 applicable to taxable years of regulated 
investment companies ending on or after Feb. 26, 1964, see section 
229(c) of Pub. L. 88-272, set out as a note under section 852 of this 
title.


                    Effective Date of 1960 Amendment

    Amendment by Pub. L. 86-779 applicable with respect to taxable years 
of real estate investment trusts beginning after Dec. 31, 1960, see 
section 10(k) of Pub. L. 86-779, set out as an Effective Date note under 
section 856 of this title.

                  Section Referred to in Other Sections

    This section is referred to in sections 265, 852, 860, 4982 of this 
title.
