INCOME TAX

REV RUL 2019-13, page 1179. This revenue ruling provides guidance on the application of subchapters C and S of chapter 1 of subtitle A of the Internal Revenue Code (Code) to cash distributions made in redemption of the stock of C corporations formerly classified as S corporations and during the post-termination transition period as defined under section 1377(b) of the Code. Specifically, the revenue ruling holds that to the extent a corporation makes such a cash distribution that is subject to section 301 of the Code by reason of section 302(d) of the Code, the cash distribution should reduce the corporation’s accumulated adjustments account (within the meaning of section 1368(e) of the Code) to the extent of the proceeds of the redemption pursuant to section 1368 of the Code.

Finding Lists begin on page ii.

NOT 2019-31, page 1181. The notice publishes the inflation adjustment factor for the carbon oxide sequestration credit under § 45Q for calendar year 2019. Also, the notice includes a statement of the amount of qualified carbon oxide that has been taken into account by taxpayers filing an annual report pursuant to section 6 of Notice 2009-83, 2009-2 C.B. 588.