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
(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.
(2) 1st postenactment year
The term “1st postenactment year” means the 1st taxable year of a corporation which begins after December 31, 1982.
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”.
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.
Coordination of Repeals of Certain Sections
Subsec. (b) of this section as in effect on day before Sept. 3, 1982, inapplicable to any section
401(j) plan, see section 713(d)(8) ofPub. L. 98–369, set out as a note under section
404 of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
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