previously taxed income

(PTI)
Before the Subchapter S Revision Act of 1982, the undistributed taxable income of an S corporation was taxed to the shareholders as of the last day of the corporation's tax year and usually could be withdrawn by the shareholders without tax consequences at some later point in time. The role of PTI has been taken over by the accumulated adjustments account

Black's law dictionary. . 1990.

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