Code Section 4982(c)(4)
| Code Section | Effective Date | Name of Act | Name of Provision |
|---|---|---|---|
| 4982(c)(4) | 12/22/2010 | Regulated Investment Company Modernization Act of 2010 | Distributed Amount for Excise Tax Purposes Determined on Basis of Taxes Paid by RIC |
Distributed Amount for Excise Tax Purposes Determined on Basis of Taxes Paid by RIC
Explanation of Provision
Under the provision, a RIC making estimated tax payments of the taxes imposed on investment company taxable income and undistributed net capital gain for a taxable year beginning (but not ending) during any calendar year may elect to increase the distributed amount for that calendar year by the amount on which the estimated tax payments of these taxes are made during that calendar year. The distributed amount for the following calendar year is reduced by the amount of the prior year’s increase.
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