{"data":{"id":"us/13-cfr-107.115","jurisdiction":"us","citation":"13 CFR 107.115","heading":"1940 Act and 1980 Act Companies.","body":"A 1940 Act or 1980 Act Company is eligible to apply for an SBIC license, and an existing Licensee is eligible to apply for SBA's approval to convert to a 1940 Act or 1980 Act Company. In either case, the 1940 Act or 1980 Act Company may elect to be taxed as a regulated investment company under section 851 of the Internal Revenue Code of 1986, as amended (26 U.S.C. 851). However, a Licensee making such election may make Distributions only as permitted under the applicable sections of this part (see the definition of Retained Earnings Available for Distribution, § 107.585, and §§ 107.1540 through 107.1580).","path":["Title 13—Business Credit and Assistance","CHAPTER I—SMALL BUSINESS ADMINISTRATION","PART 107—SMALL BUSINESS INVESTMENT COMPANIES","Subpart C—Qualifying for an SBIC License"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-13.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:18Z","sha256":"792b14987bf39ff8c879bce4aeea7ab098cf4cd511be0b18696a7c2c7dfc8fc2","source_id":"us-cfr","stale":true,"prev":"us/13-cfr-107.100","next":"us/13-cfr-107.120"},"notice":"GroundRules: Original legal text. Not legal advice."}