§ 1379. Transitional rules on enactment
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(a)Old elections 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.
(b)References to prior law included 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.
(c)Distributions of undistributed taxable income 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.
(d)Carryforwards 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.
(e)Preenactment and postenactment years defined For purposes of this subsection—
(1)Last preenactment year The term “last preenactment year” means the last taxable year of a corporation which begins before January 1, 1983.
(2)1st postenactment year The term “1st postenactment year” means the 1st taxable year of a corporation which begins after December 31, 1982.
(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.)
Connections14 cite this · traces to 2
Cited by 14 sections · top 8
U.S. Code
statutes-at-large
- Public Law 93–406
- Public Law 98–369To provide for tax reform, and for deficit reduction
- Public Law 97–34To amend the Internal Revenue Code of 1954 to encourage economic growth through reduction of the tax rates for individual taxpayers, acceleration of capital cost recovery of investment in plant, equipment, and real property, and incentives for savings, and for other purposes
- Public Law 97–354To revise subchapter S of the Internal Revenue Code of 1954 (relating to small business corporations)
- Public Law 97–248To provide for tax equity and fiscal responsibility, and for other purposes
17 references not yet in our index
- Pub. L. 97–354, § 2
- 96 Stat. 1686
- Pub. L. 98–369, div. A, title VII, § 721(n)
- 98 Stat. 969
- Pub. L. 97–354
- Pub. L. 91–172, title V, § 531(a)
- 83 Stat. 654
- Pub. L. 93–406, title II, § 2001(b)
- 88 Stat. 952
- Pub. L. 97–34, title III, § 312(c)(6)
- 95 Stat. 284
- Pub. L. 97–248, title II, § 238(c)
- 96 Stat. 513
- section 2 of Pub. L. 97–354
- Pub. L. 98–369
- section 721(y)(1) of Pub. L. 98–369
- section 713(d)(8) of Pub. L. 98–369
Citation graph
cites case law
§ 1379
Transitional rules on enactment
Stat.×10
U.S.C.×4
Pub. L.Pub. L. 97–354, § 2
Stat.96 Stat. 1686
Pub. L.Pub. L. 98–369, div. A, title VII, § 721(n)
Stat.98 Stat. 969
Pub. L.Pub. L. 97–354
Cites 19 · showing 7Cited by 14 across 2 sources