Definitions
For purposes of this subparagraph—
(I) Reported exempt-interest dividend amount
(I)Reported exempt-interest dividend amount#
The term “reported exempt-interest dividend amount” means the amount reported to its shareholders under clause (i) as an exempt-interest dividend.
(II)Excess reported amount#
The term “excess reported amount” means the excess of the aggregate reported amount over the exempt interest of the company for the taxable year.
(III)Aggregate reported amount#
The term “aggregate reported amount” means the aggregate amount of dividends reported by the company under clause (i) as exempt-interest dividends for the taxable year (including exempt-interest dividends paid after the close of the taxable year described in section 855).
(IV)Post-December reported amount#
The term “post-December reported amount” means the aggregate reported amount determined by taking into account only dividends paid after December 31 of the taxable year.
(V)Exempt interest#
The term “exempt interest” means, with respect to any regulated investment company, the excess of the amount of interest excludable from gross income under section 103(a) over the amounts disallowed as deductions under sections 265 and 171(a)(2).