electing 1987 partnership

(2) Electing 1987 partnership For purposes of this subsection, the term “electing 1987 partnership” means any publicly traded partnership if— (A) such partnership is an existing partnership (as defined in section 10211(c)(2) of the Revenue Reconciliation Act of 1987), (B) subsection (a) has not applied (and without regard to subsection (c)(1) would not have applied) to such partnership for all prior taxable years beginning after December 31, 1987 , and before January 1, 1998 , and (C) such partnership elects the application of this subsection, and consents to the application of the tax imposed by paragraph (3), for its first taxable year beginning after December 31, 1997 . A partnership which, but for this sentence, would be treated as an electing 1987 partnership shall cease to be so treated (and the election under subparagraph (C) shall cease to be in effect) as of the 1st day after December 31, 1997 , on which there has been an addition of a substantial new line of business with respect to such partnership.


26 USC § 7704(g)(2)

Scoping language

For purposes of this subsection
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