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General Utilities Doctrine

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An Internal Revenue Service provision that permits a firm to liquidate its assets at more than book value and to pass the proceeds of the liquidation through to stockholders without making the firm pay income taxes on the gains. Rather, stockholders receiving the distribution are required to report the gain (but not the entire liquidation) as income. The General Utilities Doctrine was repealed in 1986 tax reform. As a result of the repeal, any gain from liquidation is taxed twice: once to the liquidating firm and again to the stockholders.

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References in periodicals archive

liquidating dividend

In general, two taxes are due under sections 336 and 301 of the Internal Revenue Code upon dissolution of a C corporation because of the repeal of the so-called General Utilities doctrine by Tax Reform Act of 1986.

Turning back the clock: taxpayers avoid general utilities repeal ... by Petersen, Kagney / Tax Executive

In the preamble to the final regulations, the IRS noted that it is continuing to study comments received on the temporary regulations and the basis disconformity method, as well as on the repeal of the General Utilities doctrine in the consolidated return context.

Are the loss disallowance final regs. the final word? by Parker, Carrie / The Tax Adviser

In 1986, Congress repealed the last element of the General Utilities doctrine.

Calculating gain on corporate distributions by Schnee, Edward J. / Journal of Accountancy

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