SECTION 7. CORPORATE — Internal Revenue Bulletin 2018-50

Statute or Regulation Act Postponed

Sec. 302(e)(1) A corporation must complete a distribution in pursuance of a plan of partial liquidation of a corporation within the specified period.
Sec. 303 and Sec. 1.303–2 A corporation must complete the distribution of property to a shareholder in redemption of all or part of the stock of the corporation that (for federal estate tax purposes) is included in determining the estate of a decedent. Section 303 and § 1.303–2 require, among other things, that the distribution occur within the specified period.

December 10, 2018 996 Bulletin No. 2018–50

Statute or Regulation Act Postponed

Sec. 304(b)(3)(C) If certain requirements are met, section 304(a) does not apply to a transaction involving the formation of a bank holding company. One requirement is that within a specified period (generally two years) after control of a bank is acquired, stock constituting control of the bank is transferred to a bank holding company in connection with the bank holding company’s formation.
Secs. 316(b)(2)(A) and A personal holding company may designate as a dividend to a shareholder all or (B)(ii) and Sec. 1.316–1(b)(2) part of a distribution in complete liquidation described in section 316(b)(2)(B) and
Secs. 316(b)(2)(A) and A personal holding company may designate as a dividend to a shareholder all or (B)(ii) and Sec. 1.316–1(b)(2) part of a distribution in complete liquidation described in section 316(b)(2)(B) and

§ 1.316–1(b) within 24 months after the adoption of a plan of liquidation by, inter alia, following the procedure provided by § 1.316–1(b)(5).

Sec. 332(b) and Secs. 1.332– A corporation must completely liquidate a corporate subsidiary within the specified 3 and 1.332–4 period.
Sec. 1.336–2(h) An election to treat certain stock dispositions as asset sales. The election must be made on certain filers’ tax returns that include the “disposition date.”
Sec. 1.336–1(b)(7) A seller or S corporation shareholder must complete a “qualified stock disposition” of a target corporation’s stock within a 12-month disposition period.
Sec. 338(d)(3) and (h), and An acquiring corporation must complete a “qualified stock purchase” of a target Sec. 1.338–2 corporation’s stock within the specified acquisition period.
Sec. 338(d)(3) and (h), and An acquiring corporation must complete a “qualified stock purchase” of a target Sec. 1.338–2 corporation’s stock within the specified acquisition period.
Sec. 338(g) and Sec. 1.338–2 An acquiring corporation may elect to treat certain stock purchases as asset acquisitions. The election must be made within the specified period.
Sec. 338(h)(10) and Sec. An acquiring corporation and selling group of corporations may elect to treat 1.338(h)(10)–1(c) certain stock purchases as asset purchases, and to avoid gain or loss upon the stock sale. The election must be made within the specified period.
Sec. 1.381(c)(17)–1(c) An acquiring corporation files a Form 976, Claim for Deficiency Dividends Deductions by a Personal Holding Company, Regulated Investment Company, or Real Estate Investment Trust, within 120 days after the date of the determination under section 547(c) to claim a deduction of a deficiency dividend.
Sec. 1.441–3(b) A personal service corporation may obtain the approval of the Commissioner to adopt, change, or retain an annual accounting period by filing Form 1128, Application to Adopt, Change, or Retain a Tax Year, within such time as is provided in the administrative procedures published by the Commissioner. See Rev. Procs. 2006–46, 2006–2 C.B. 859, and 2002–39, 2002–1 C.B. 1046.
Sec. 562(b)(1)(B) In the case of a complete liquidation (except in the case of a complete liquidation of a personal holding company) occurring within 24 months after the adoption of a plan of liquidation, any distribution within such period pursuant to such plan shall, to the extent of the earnings and profits (computed without regard to capital losses) of the corporation for the taxable year in which such distribution is made, be treated as a dividend for purposes of computing the dividends paid deduction.
Sec. 562(b)(2) In the case of a complete liquidation of a personal holding company occurring within 24 months after the adoption of a plan of liquidation, the amount of any distribution within such period pursuant to such plan shall be treated as a dividend for purposes of computing the dividends paid deduction to the extent that such amount is distributed to corporate distributees and represents such corporate distributees’ allocable share of the undistributed personal holding company income for the taxable year of such distribution.
Sec. 597 and Sec. 1.597– A consolidated group of which an Institution (as defined by § 1.597–1(b)) is a 4(g) subsidiary may elect irrevocably not to include the Institution in its affiliated group if the Institution is placed in Agency Receivership (as defined by § 1.597–1(b)), whether or not assets or deposit liabilities of the Institution are transferred to a Bridge Bank (as defined by § 1.597–1(b)). Except as otherwise provided in § 1.597–4(g)(6), a consolidated group makes the election by sending a written statement by certified mail to the affected Institution on or before 120 days after its placement in Agency Receivership.
Sec. 1502 and Sec. 1.1502– A common parent must apply for permission to discontinue filing consolidated 75(c)(1)(i) returns within a specified period after the date of enactment of a law affecting the computation of tax liability.

Bulletin No. 2018–50 997 December 10, 2018

Statute or Regulation Act Postponed

Sec. 1502 and Sec. 1.1502– If a member of a consolidated group (S) recognizes gain on the sale of stock of a 13(f)(5)(ii)(B) subsidiary (old T) to another member (B) and B liquidates old T, B must transfer substantially all of old T’s assets to a new member (new T) within a specified period of time in order for S’s gain on the sale of old T stock to be taken into account based on the new T stock.
Sec. 6425 and Sec. 1.6425– Corporations applying for an adjustment of an overpayment of estimated income 1 tax must file Form 4466, Corporation Application for Quick Refund of Overpayment of Estimated Tax, on or before the 15th day of the third month after the taxable year, or before the date the corporation first files its income tax return for such year, whichever is earlier.
Rev. Proc. 2003–33, 2003–1 If the filer complies with the procedures set forth in the revenue procedure, C.B. 803, Section 5 including a requirement that the filer file Form 8023, Elections Under Section 338

for Corporations Making Qualified Stock Purchases, within the specified period, the filer is granted an automatic extension under § 301.9100–3 to file an election under section 338.