(1) In this section -
"exempt profits" means profits or gains which by virtue of section 231, 232 or 233 were not charged to tax;
"other profits" includes a dividend or other distribution of a company resident in the State, but does not include a distribution to which subsection (3)(a)(i) applies.
(2) Where a distribution for an accounting period is made by a company in part out of exempt profits and in part out of other profits, the distribution shall be treated as if it consisted of 2 distributions respectively made out of exempt profits and out of other profits.
(a) Subject to section 817X, so much of any distribution as has been made out of exempt profits -
(i) shall, where the recipient of that distribution is a company, be deemed for the purposes of the Corporation Tax Acts to be exempt profits of the company, and
(ii) shall not be regarded as income for any purpose of the Income Tax Acts.
(b) [deleted]
(4) [deleted]
(5) In relation to any distribution, including part of a di
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