§991 — Taxation of a domestic international sales corporation

35 cases·2 followed·1 criticized·1 overruled·31 cited—6% support

Statute Text — 26 U.S.C. §991

For purposes of the taxes imposed by this subtitle upon a DISC (as defined in section 992(a)), a DISC shall not be subject to the taxes imposed by this subtitle.

Treasury Regulations

Treas. Reg. §Treas. Reg. §1.991-1 Taxation of a domestic international sales corporation
Treas. Reg. §Treas. Reg. §1.991-1(a) §1.991-1(a)
Treas. Reg. §Treas. Reg. §1.991-1(b) §1.991-1(b)
Treas. Reg. §Treas. Reg. §1.991-1(c) Effective date.
Treas. Reg. §Treas. Reg. §1.991-1(d) Related statutes.

35 Citing Cases

Stanley Battat & Zmira Battat, Petitioners · 2017

991 (2012), "for neglect ofduty or malfeasance in office or for other good cause"36 did not violate separation of powers principles. The Supreme Court also said its "paramount concern in Bowsherthat Congress was accreting to itselfthe power to control the functions of another Branch is not implicated by a removal provision, like the one at iss

General Dynamics Corporation and Subsidiaries, Petitioner 108 T.C. No. 9 · 1997

However, the parent corporation is taxed on a specified portion of the DISC profits as a deemed distribution. Sec. 995; L & F Intl. Sales Corp. v. United States, 912 F.2d 377, 378 (9th Cir. 1990). The remaining profits are tax-deferred until distributed (repatriated) to the parent or until the corporation ceases to qualify as a DISC. Secs

General Dynamics Corp. & Subsidiaries v. Commissioner 108 T.C. 107 · 1997

However, the parent corporation is taxed on a specified portion of the DISC profits as a deemed distribution. Sec. 995; L & F Intl. Sales Corp. v. United States, 912 F.2d 377, 378 (9th Cir. 1990). The remaining profits are tax deferred until distributed (repatriated) to the parent or until the corporation ceases to qualify as a DISC. Secs

James H. & Josephine A. Swanson, Petitioner 106 T.C. No. 3 · 1996

991, except for the taxes imposed by ch. 5, a DISC is not subject to income tax. - 7 - reserved the right to serve as the "Investment Manager" of IRA #2. Contemporaneous with the formation of IRA #2, petitioner incorporated H & S Swansons' Trading Company (hereinafter Swansons' Trading or the FSC). Petitioner directed First Florida to execute

General Electric Company and Subsidiaries, Petitioner T.C. Memo. 1995-306 · 1995

Rather, the DISC's shareholders (commonly a parent corporation) are currently taxed on only a portion of the DISC's earnings that is deemed distributed to the shareholders on the last day of the DISC's taxable year. Sec. 995(b)(1). Taxation of the remainder of the DISC's earnings is deferred until the earlier of the time that these earnin

United States v. Retic · Cir.

Rocky Mountain Associates International, Inc. v. Commissioner 90 T.C. 1231 · 1988

Sam Goldberger, Inc. v. Commissioner 88 T.C. 1532 · 1987

United States v. Tomko · Cir.

Hughes International Sales Corp v. Commissioner 100 T.C. 293 · 1993

FMC Corp. v. Commissioner 100 T.C. 595 · 1993

Computervision Corp. v. Commissioner 96 T.C. 652 · 1991

St. Jude Medical, Inc. v. Commissioner 97 T.C. 457 · 1991

Brown-Forman Corp. v. Commissioner 94 T.C. 919 · 1990

Dresser Industries, Inc. v. Commissioner 92 T.C. 1276 · 1989

Foley Machinery Co. v. Commissioner 91 T.C. 434 · 1988

Gibbons International, Inc. v. Commissioner 89 T.C. 1156 · 1987

CWT Farms, Inc. v. Commissioner 79 T.C. 86 · 1982

Bently Laboratories, Inc. v. Commissioner 77 T.C. 152 · 1981

Longview Fibre Co. v. Commissioner 71 T.C. 357 · 1978

Heuer v. Commissioner 32 T.C. 947 · 1959

Dresser Industries, Inc. v. United States 238 F.3d 603 · Cir.

United States v. Baucom 486 F.3d 822 · Cir.

United States v. Saldana · Cir.

Summa Holdings v. Comm'r of Internal Revenue 848 F.3d 779 · Cir.

Benenson v. Comm'r of Internal Revenue 887 F.3d 511 · Cir.

Benenson v. Comm'r 910 F.3d 690 · Cir.

United States v. Timothy Ward 972 F.3d 364 · Cir.

Celia Mazzei v. Cir · Cir.

United States v. Bonnet-Grullon 212 F.3d 692 · Cir.

United States v. Francis Bonnet 212 F.3d 692 · Cir.

General Electric Company and Subsidiaries v. Commissioner of Internal Revenue 245 F.3d 149 · Cir.

United States v. Samuel Saldana, Jr., United States of America v. Saul Saldana 427 F.3d 298 · Cir.

United States v. Martin Louis Baucom, United States of America v. Patrick Grant Davis, United States of America v. Martin Louis Baucom, United States of America v. Martin Louis Baucom, United States of America v. Patrick Grant Davis, United States of America v. Martin Louis Baucom 486 F.3d 822 · Cir.

§991 — Taxation of a domestic international sales corporation

35 Citing Cases

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