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Form 976 (Rev December 2012) Claim for Deficiency Dividends Deductions by a Personal Holding Company

Form 976 (Rev December 2012) Claim for Deficiency Dividends Deductions by a Personal Holding Company-2025

Form 976 (Rev December 2012) Claim for Deficiency Dividends Deductions by a Personal Holding Company Preview on Page 1

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The document is Form 976, used by personal holding companies, regulated investment companies, or real estate investment trusts to claim deficiency dividend deductions under sections 547 or 860 of the Internal Revenue Code. It outlines the necessary information and instructions for filing the claim, including details about tax deficiencies, amounts paid and unpaid, distribution of deficiency dividends, and required attachments. The form aims to relieve taxpayers from certain tax payments or allow credits/refunds.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What type of dividends are not taxable?

Interest dividends from state or municipal bonds arent typically taxable on the federal income tax level unless youre subject to the Alternative Minimum Tax (AMT). This income is usually reported in box 12 of Form 1099-DIV.

What is the reason for unclaimed dividend?

What is an unclaimed dividend? The registered address of the shareholder has changed and has not been updated. Bank account details to which the dividend has to be sent have been changed or not updated. Death of the primary holder without any details of nominees or inheritors.

What is a deficiency dividend?

Section 547(d) of the Code provides, in part, that the term deficiency dividends means the amount of the dividends paid by the corporation on or after the date of the determination and before filing a claim under subsection (e), which would have been includible in the computation of the deduction for dividends paid

What is an illegal dividend?

Illegal dividends arise when a company has insufficient distributable profit to cover the sums of money it has chosen to pay to shareholders or when a company does not follow the correct procedure for declaring dividends. Directors need to take great care when issuing dividends to avoid making such unlawful payments.

What is considered low dividend?

Payouts at 55 per cent or less may be considered lower risk and have the potential to increase their dividend payments over time. A lower payout ratio indicates that a company is retaining more of its earnings and putting it back to work in the business (often a newer company - valued by growth investors).

What is the tax law for dividends received deduction?

The dividends received deduction (DRD) applies to certain corporations that receive dividends from related entities and alleviates the potential consequences of triple taxation. There are different tiers of possible deductions, ranging from a 50% deduction of the dividend received up to a 100% deduction.

Form 976 (Rev December 2012) Claim for Deficiency Dividends Deductions by a Personal Holding Company-2025

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