Page 150 - Large Business IRS Training Guides

Allocation Rules

Tax Items Other Than Interest Income and Expense

• Gross income (other than dividends, interest

income) and deductions (other than interest

expense) are allocated to the Trade or Business

to which they relate.

• Special “look-through” rules for certain dividends

and gain/loss from the disposition of non-

consolidated C corporation stock, S corporation

stock, and partnership interests.

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