26 U.S.C. § 1379 — Transitional rules on enactment
submitted 44 years ago by Pub. L. 97-354 to r/title-26-INTERNAL-REVENUE-CODE · 264 words · no verdicts yet
Old S-corporation elections and references are carried into the 1982 transition rules. The section also preserves certain old distribution rules and explains how carryforwards and transition years are treated.
(a) An election under former section 1372(a) is treated as an election under section 1362. (b) References in this title to a provision of this subchapter include the corresponding pre-1982 provision when that is consistent with this subchapter’s purposes. (c) If a corporation* was an electing small business corporation* in its last preenactment year, former section 1375(f) and (d) continue to apply to distributions of undistributed taxable income for taxable years beginning before January 1, 1983. (d) If that corporation is an S corporation* in its first postenactment year, a carryforward to that year that arose while it was an electing small business corporation is treated as arising in the first postenactment year. (e) “Last preenactment year” means the corporation’s last taxable year* beginning before January 1, 1983. “First postenactment year” means its first taxable year beginning after December 31, 1982. This section does not define “carryforward.”
Any election made under section 1372(a) (as in effect before the enactment of the Subchapter S Revision Act of 1982) shall be treated as an election made under section 1362.
Any references in this title to a provision of this subchapter shall, to the extent not inconsistent with the purposes of this subchapter, include a reference to the corresponding provision as in effect before the enactment of the Subchapter S Revision Act of 1982.
If a corporation* was an electing small business corporation* for the last preenactment year, subsections (f) and (d) of section 1375 (as in effect before the enactment of the Subchapter S Revision Act of 1982) shall continue to apply with respect to distributions of undistributed taxable income for any taxable year* beginning before January 1, 1983.
If a corporation was an electing small business corporation for the last preenactment year and is an S corporation* for the 1st postenactment year, any carryforward to the 1st postenactment year which arose in a taxable year for which the corporation was an electing small business corporation shall be treated as arising in the 1st postenactment year.
For purposes of this subsection—
The term “last preenactment year” means the last taxable year of a corporation which begins before January 1, 1983.
The term “1st postenactment year” means the 1st taxable year of a corporation which begins after December 31, 1982.
Source credit: (Added Pub. L. 97–354, § 2, Oct. 19, 1982, 96 Stat. 1686; amended Pub. L. 98–369, div. A, title VII, § 721(n), July 18, 1984, 98 Stat. 969.)
- 1982Enacted · Pub. L. 97-354 · 96 Stat. 1686
- 1984Amended · Pub. L. 98-369 · 98 Stat. 969
A history note hasn’t been published yet. The record shows enactment by Pub. L. 97-354 on 1982-10-19.
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