26 U.S. Code § 1379 - Transitional rules on enactment
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(a) Old elections
(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) ofsection 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.
(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.
Source(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.)
References in Text
The enactment of the Subchapter S Revision Act of 1982, referred to in subsecs. (a) to (c), is the enactment of Pub. L. 97–354, which was approved Oct. 19, 1982.
A prior section 1379, added Pub. L. 91–172, title V, § 531(a),Dec. 30, 1969, 83 Stat. 654; amended Pub. L. 93–406, title II, § 2001(b),Sept. 2, 1974, 88 Stat. 952; Pub. L. 97–34, title III, § 312(c)(6),Aug. 13, 1981, 95 Stat. 284; Pub. L. 97–248, title II, § 238(c),Sept. 3, 1982, 96 Stat. 513, related to certain qualified pension, etc., plans, prior to the general revision of this subchapter by section 2 ofPub. L. 97–354.
1984—Subsec. (b). Pub. L. 98–369struck out “In applying this subchapter to any taxable year beginning after December 31, 1982,” and substituted “Any references in this title to a provision” for “any reference in this subchapter to another provision”.
Effective Date of 1984 Amendment
Amendment by Pub. L. 98–369effective as if included in Subchapter S Revision Act of 1982, Pub. L. 97–354, see section 721(y)(1) ofPub. L. 98–369, set out as a note under section 1361 of this title.
Section applicable to taxable years beginning after Dec. 31, 1983, except that this section as in effect before Oct. 19, 1982, to remain in effect for years beginning before Jan. 1, 1984, see section 6(a), (b)(1) ofPub. L. 97–354, set out as a note under section 1361 of this title.
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