PUBLIC LAW 97-248—SEPT. 3, 1982
96 STAT. 583
"(H) any amount described in section 1373 (relating to undistributed taxable income of electing small business corporations). "(c) PATRONAGE DIVIDEND.—For purposes of this subchapter— "(1) IN GENERAL.—The term 'patronage dividend' means— "(A) the amount of any patronage dividend (as defined in section 1388(a)) which is paid in money, qualified written notice of allocation, or other property (except a nonqualified written notice of allocation), "(B) any amount, described in section 1382(c)(2)(A) (relating to certain nonpatronage distributions), which is paid in money, qualified written notice of allocation, or other property (except nonqualified written notice of allocation) by an organization exempt from tax under section 521 (relating to exemption of farmers' cooperatives from tax), and "(C) any amount paid in money or other property (except written notice of allocation) in redemption of a nonqualified written notice of allocation attributable to any source described in subparagraph (A) or (B). "(2) EXCEPTIONS.—The term 'patronage dividend' shall not include any amount described in subparagraph (D), (E), or (F) of subsection (a)(2). "(3) SPECIAL RULES.—In determining the amount of any patronage dividend— "(A) property (other than a written notice of allocation) shall be taken into account at its fair market value, "(B) a qualified written notice of allocation described in section 1388(c)(1)(A) shall be taken into account at its stated dollar amount, and "(C) a patronage dividend part of which is a qualified written notice of allocation described in section 1388(c)(1)(B) (and not in section 1388(c)(1)(A)) shall be taken into account only if 50 percent or more of such dividend is paid in money or by a qualified check, and any such qualified written notice of allocation which is taken into account after the application of this subparagraph shall be taken into account at its stated dollar amount. "(4) DEFINITIONS.—For purposes of this subsection— "(A)
QUALIFIED WRITTEN NOTICE OF ALLOCATION.—The
term 'qualified written notice of allocation' has the meaning given to such term by section 1388(c). "(B) NONQUALIFIED WRITTEN NOTICE OF ALLOCATION.—The
term 'nonqualified written notice of allocaton' has the meaning given to such term by section 1388(d). "(C) QUALIFIED CHECK.—The term 'qualified check' has the meaning given to such term by section 1388(c)(4). •SEC. 3455. OTHER DEFINITIONS AND SPECIAL RULES.
"(a) DEFINITIONS.—For purposes of this subchapter— "(1) PERSON.—The term 'person' includes any governmental unit and any agency or instrumentality thereof and any international organization. "(2) STATE.—The term 'State' means a State, the District of Columbia, a possession of the United States, any political subdivision of any of the foregoing, and any wholly owned agency or instrumentality of any one or more of the foregoing.
26 USC 3455
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