Iowa Code 504B.3 – Avoiding tax liability
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 504B.3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- year: means twelve consecutive months. See Iowa Code 4.1
The articles of incorporation of every such corporation shall be deemed to contain a provision requiring such corporation to distribute, for the purposes specified in its articles of incorporation, for each taxable year, amounts at least sufficient to avoid liability for the tax imposed by section 4942(a) of the Internal Revenue Code.