Common use of Election to distribute earnings and profits first Clause in Contracts

Election to distribute earnings and profits first. (i) Corporation S has been a cal- endar year C corporation since 1975. For 1982, S elects for the first time to be taxed under subchapter S, and during 1982 has $60 of earn- ings and profits. As of December 31, 1995, S has an AAA of $10 and earnings and profits of

Election to distribute earnings and profits first. (i) Corporation S has been a cal- endar year C corporation since 1975. For 1982, S elects for the first time to be taxed under subchapter S, and during 1982 has $60 of earn- ings and profits. As of December 31, 1995, S has an AAA of $10 and earnings and profits ofS