### Question
What is the definition of current year?


### Answer
The definition of **current year** is as follows in *26 U.S.C. § 1291*:

> the taxable year in which the excess distribution or disposition occurs

#### Citation:
  - *26 U.S.C. § 1291*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter P-Capital Gains and Losses > PART VI-TREATMENT OF CERTAIN PASSIVE FOREIGN INVESTMENT COMPANIES > Subpart A-Interest on Tax Deferral**

