[Code of Federal Regulations]
[Title 26, Volume 1]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.244-1]

[Page 402]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.244-1  Deduction for dividends received on certain preferred stock.

    A corporation is allowed a deduction under section 244 for dividends 
received on certain preferred stock of certain public utility 
corporations subject to taxation under chapter 1 of the Code. The 
deduction is allowable only for dividends received on the preferred 
stock of a public utility with respect to which the deduction for 
dividends paid provided in section 247 (relating to dividends paid on 
certain preferred stock of public utilities) is allowable to the 
distributing corporation.