September 15, 2020 IRS issues final regulations on eligible terminated S corporations The IRS has released final regulations (TD 9914) with guidance on the definition of an eligible terminated S corporation (ETSC). The regulations also (1) address cash distributions of money by an ETSC after the post-termination transition period (PTTP), (2) extend the treatment of distributions of money during the PTTP to all of a corporation's shareholders and (3) clarify the allocation of current earnings and profits to distributions of money and other property. A Tax Alert is forthcoming. | ||||