§6245

Petitioner’s Contentions Section 6245 provides that “the term ‘subchapter S item’ means any item of an S corporation to the extent regulations prescribed by the Secretary provide that * * * such item is more appropriately determined at the corporate level than at the shareholder level.” Section 301.6245-1T(a)(1)(vi)(G), Temporary Proced.

6245; Dial U.S.A., Inc. v. Commissioner, 95 T.C. 1, 4 (1990). The correct tax treatment of subchapter S items is determined in a unified proceeding at the corporate level rather than in separate actions against each shareholder. Secs. 6241 and 6242; Univ. Heights at Hamilton Corp. v. Commissioner, 97 T.C. 278, 280-281 (1991); Maxwell v. Commis

In this regard, section 6245 provides: SEC.

tion to the extent regulations prescribed by the Secretary provide that, for purposes of * * * [subtitle F of the Code (Procedure and Administration)], such item is more appropriately determined at the corporate level than at the shareholder level." Sec. 6245. Pursuant to section 301.6245-1T(a), Temporary Proced. & Admin. Regs., 52 Fed. Reg. 3003 (Jan. 30, 1987), subchapter S items are those "items which are required to be taken into account for the taxable year of an S corporation under subtitl

Subchapter S items were defined in section 6245 as "any item ofan S corporation to the extent regulations prescribed by the Secretary provide that, for purposes ofthis subtitle such item is more appropriately determined at the corporate level than the shareholder level." The Secretary identified subchapter S items in section 301.6245-1T, Temporary Proced.

Subchapter S items were defined in section 6245 as “any item of an S corporation to the extent regulations prescribed by the Secretary provide that, for purposes of this subtitle such item is more appropriately determined at the corporate level than the shareholder level.” The Secretary identified subchapter S items in section 301.6245-1T, Temporary Proced.

But now Winter claims only a portion of the bonus should be taxable in 2002 either because it was really a loan and not income (the characterization issue) ; or, if it was income, because he did not have unrestricted access t o 12 Section 6037(c)(4) was previously codified as section 6245, but this related temporary regulation was not renumbered .

Section 6037(c)(4) was previously codified as section 6245, but tins related temporary regulation was not renumbered.

1 (1990), we considered whether a ember's basis in an S corporation is a "subchapter S item" within the meaning of former section 6245 .12 We acknowledged that the partnership audit and litigation provisions contained i sections 6221-6231 "were, in effect, grafted onto the subchap er S audit and litigation provisions" by former section 624 , .id.

The tax treatment of a subch. S item generally must be determined in an entity level proceeding. See sec. 6241. While these S Corporation procedures were enacted shortly after the TEFRA procedures as part of the Subchapter S Revision Act of 1982, Pub. L. 97-354, sec. 4(a), 96 Stat. 1691, the S Corporation procedures were repealed as of D

Football Giants, Inc. v. Commissioner, supra at 155. - 6 - the provisions of section 1374 applied to KRP’s sale of the gas stations and that the built-in gain on the sale was $388,877. Page 37 of the FSAA states that the “Taxpayer is also entitled to a loss for 1995 equivalent to the amount of built-in gains ($136,107) that it is l

The tax treatment of a subch. S item generally must be determined in an entity level proceeding. See sec. 6241. The S Corporation procedures were enacted shortly after the TEFRA procedures as part of the Subchapter S Revision Act of 1982, Pub. L. 97-354, sec. 4(a), 96 Stat. 1691. The S Corporation procedures were repealed as of Dec. 31,

The tax treatment of a subch. S item generally must be determined in an entity level proceeding. See sec. 6241. The S Corporation procedures were enacted shortly after the TEFRA procedures as part of the Subchapter S Revision Act of 1982, Pub. L. 97-354, sec. 4(a), 96 Stat. 1691. The S Corporation procedures were repealed as of Dec. 31,

The tax treatment of a subch. S item generally must be determined in an entity level proceeding. See sec. 6241. The S Corporation procedures were enacted shortly after the TEFRA procedures as part of the Subchapter S Revision Act of 1982, Pub. L. 97-354, sec. 4(a), 96 Stat. 1691. The S Corporation procedures were repealed as of Dec. 31,

41 through 6245, a “subchapter S item” is defined as “any item of an S corporation to the extent regulations prescribed by the Secretary provide that, for purposes of this subtitle, such item is more appropriately determined at the corporate level.” Sec. 6245. The tax treatment of a subch. S item generally must be determined in a corporate-level proceeding. See sec. 6241. The S corporation procedures were enacted shortly after the TEFRA procedures as part of the Subchapter S Revision Act of 1982

41 through 6245, a “subchapter S item” is defined as “any item of an S corporation to the extent regulations prescribed by the Secretary provide that, for purposes of this subtitle, such item is more appropriately determined at the corporate level.” Sec. 6245. The tax treatment of a subch. S item generally must be determined in a corporate-level proceeding. See sec. 6241. The S corporation procedures were enacted shortly after the TEFRA procedures as part of the Subchapter S Revision Act of 1982

41 through 6245, a “subchapter S item” is defined as “any item of an S corporation to the extent regulations prescribed by the Secretary provide that, for purposes of this subtitle, such item is more appropriately determined at the corporate level.” Sec. 6245. The tax treatment of a subch. S item generally must be determined in a corporate-level proceeding. See sec. 6241. The S corporation procedures were enacted shortly after the TEFRA procedures as part of the Subchapter S Revision Act of 1982

ship item” as “any item required to be taken into account for the partnership’s taxable year under any provision of subtitle A”; section 6231(a)(5) defines “affected item” as “any item to the extent such item is affected by a partnership item”; and section 6245 defines a “subchapter S item” as “any item of an S corporation to the extent regulations prescribed by the Secretary provide that, for purposes of * * * [subtitle F of the Code (Procedure and Administration)], such item is more appropriat

ship item” as “any item required to be taken into account for the partnership’s taxable year under any provision of subtitle A”; section 6231(a)(5) defines “affected item” as “any item to the extent such item is affected by a partnership item”; and section 6245 defines a “subchapter S item” as “any item of an S corporation to the extent regulations prescribed by the Secretary provide that, for purposes of * * * [subtitle F of the Code (Procedure and Administration)], such item is more appropriat

at the time their petitions were filed. Petitioners Weinman and Donahue both 2 We need determine no deficiency for petitioners Vipulis for 1985. Their losses from Good Shepherd Home, Inc., for that year were subchapter S items, within the meaning of sec. 6245. The tax treatment of those items is determined at the corporate level. See sec. 6242. The proper treatment of those items was the subject of a proceeding before this Court: Good Shepherd Home, Inc., Valdis Vipulis, Tax Matters Person v. Co

at the time their petitions were filed. Petitioners Weinman and Donahue both 2 We need determine no deficiency for petitioners Vipulis for 1985. Their losses from Good Shepherd Home, Inc., for that year were subchapter S items, within the meaning of sec. 6245. The tax treatment of those items is determined at the corporate level. See sec. 6242. The proper treatment of those items was the subject of a proceeding before this Court: Good Shepherd Home, Inc., Valdis Vipulis, Tax Matters Person v. Co