26 U.S.C. § 1379

Transitional rules on enactment

Official textInternal Revenue Code (Title 26 U.S.C.)uscode.house.govlast amended Jul 18, 1984

# (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 .

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