§ 1.1377-3. Applicability dates.
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/us/cfr/t26/s§ 1.1377-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)In general. Except as otherwise provided in this section, §§ 1.1377-1 and 1.1377-2 apply to taxable years of an S corporation beginning after December 31, 1996.
(b)Certain conversions. Section 1.1377-1(a)(2)(iii) and (c)(3) (Example 3) are applicable for taxable years beginning on and after May 14, 2002.
(c)Special treatment of distributions of money during post-termination transition period—(1) In general. Except as provided in paragraph (c)(2) of this section, § 1.1377-2(b) applies to taxable years beginning after October 20, 2020. For taxable years beginning on or before October 20, 2020, see § 1.1377-2(b) as contained in 26 CFR part 1, revised April 1, 2020.
(2)Taxable years beginning on or before October 20, 2020. A corporation may choose to apply § 1.1377-2(b) to taxable years beginning on or before October 20, 2020 and with respect to which the period described in section 6501(a) has not expired. If a corporation makes the choice described in the previous sentence, all shareholders of the corporation must report consistently, and the corporation must adopt §§ 1.481-5, 1.1371-1, 1.1371-2, if an ETSC, and 1.1377-2(b) in their entity and continue to apply those rules in their entirety for the corporation's subsequent taxable years. [T.D. 9914, 85 FR 66484, Oct. 20, 2020]
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- 26 CFR 1
- T.D. 9914
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§ 1.1377-3
Applicability dates.
Cite26 CFR 1
Treas. Dec.T.D. 9914
Cites 2Cited by 0 across 0 sources