[Code of Federal Regulations]
[Title 26, Volume 8]
[Revised as of April 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.643(a)-7]

[Page 56-57]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1--INCOME TAXES--Table of Contents
 
Sec. 1.643(a)-7  Dividends.

    Dividends excluded from gross income under section 116 (relating to 
partial exclusion of dividends received) are included in distributable 
net income. For this purpose, adjustments similar

[[Page 57]]

to those required by Sec. 1.643(a)-5 with respect to expenses allocable 
to tax-exempt income and to income included in amounts paid or set aside 
for charitable purposes are not made. See the regulations under section 
642(c).

[T.D. 7357, 40 FR 23742, June 2, 1975]