(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.
Amended 1984
- 1984 Pub. L. 98-369 Pub. L. 98–369 struck 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”.
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(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.
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(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.