Can someone explain the meaning of this formula?

[sabriakter]

=IF($B$11>DATE(103,1,1),IF($B$11<DATE(103,12,31),MAX(DATE(103,1,1),$B$11),""),IF($B$11<DATE(103,1,1),DATE(103,1,1),""))

[#2]

@sabriakter This is a better way of reviewing the formula and the Nested If statement:

=IF($B$11>DATE(103,1,1),
IF($B$11<DATE(103,12,31),MAX(DATE(103,1,1),$B$11),""),
IF($B$11<DATE(103,1,1),DATE(103,1,1),""))

The first line is checking if cell B11 is after 1/1/2003

If TRUE, it checks if B11 is before 12/1/2003

    if TRUE, it will return the date in B11

    if FALSE, it will return BLANK

           the last line is the FALSE statement if B11 is after 1/1/2003:

           The IF statement reviews if B11 is before 1/1/2003,

           if TRUE, it returns 1/1/2003

           if FALSE, it returns BLANK

[#3]

@adversihow did you translate the (103,1,1) to 1,1,2003? 

[#4]

Excel's dates are integers that starting from a base date, which is typically 1/1/1900, but there is an option to use 1/1/1904. So, 103 years from the presumed base year of 1900 would be 2003 (unless you are using 1904 base year, you could enter =Date(103,1,1) in cell and see what it returns).