Publication 598 |
2001 Tax Year |
S Corporation Income or Loss
An organization that owns S corporation stock must take into
account its share of the S corporation's income, deductions, or losses
in figuring unrelated business taxable income, regardless of the
actual source or nature of the income, deductions, and losses. For
example, the organization's share of the S corporation's interest and
dividend income will be taxable, even though interest and dividends
are normally excluded from unrelated business taxable income. The
organization must also take into account its gain or loss on the sale
or other disposition of the S corporation stock in figuring unrelated
business taxable income.
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