Internal Revenue Code (Title 26 U.S.C.)
26 U.S.C. § 1379
Transitional rules on enactment
# (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 Revi sion 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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Nearby sections (25 sections)
- 1362 · Election; revocation; termination
- 1363 · Effect of election on corporation
- 1366 · Pass-thru of items to shareholders
- 1367 · Adjustments to basis of stock of shareholders, etc.
- 1368 · Distributions
- 1371 · Coordination with subchapter C
- 1372 · Partnership rules to apply for fringe benefit purposes
- 1373 · Foreign income
- 1374 · Tax imposed on certain built-in gains
- 1375 · Tax imposed when passive investment income of corporation having…
- 1377 · Definitions and special rule
- 1378 · Taxable year of S corporation
- 1379 · Transitional rules on enactment
- 1381 · Organizations to which part applies
- 1382 · Taxable income of cooperatives
- 1383 · Computation of tax where cooperative redeems nonqualified…
- 1385 · Amounts includible in patron's gross income
- 1388 · Definitions; special rules
- 1391 · Designation procedure
- 1392 · Eligibility criteria
- 1393 · Definitions and special rules
- 1394 · Tax-exempt enterprise zone facility bonds
- 1396 · Empowerment zone employment credit
- 1397 · Other definitions and special rules
- 1397A · Increase in expensing under section 179