I.R.C. § 1379(a) Old Elections —
I.R.C. § 1379(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.
I.R.C. § 1379(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.
I.R.C. § 1379(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.
I.R.C. § 1379(e) Preenactment And Postenactment Years Defined —
For purposes of this subsection—
I.R.C. § 1379(e)(1) Last Preenactment Year —
The term “last preenactment year” means the last taxable year of a corporation
which begins before January 1, 1983.
I.R.C. § 1379(e)(2) 1st Postenactment Year —
The term “1st postenactment year” means the 1st taxable year of a corporation
which begins after December 31, 1982.
(Added Pub. L. 97-354, 2, Oct. 19, 1982, 96 Stat. 1686,
and amended Pub. L. 98-369, div. A, title VII, 721(n), July 18, 1984, 98 Stat. 969.)
BACKGROUND NOTES
AMENDMENTS
1984--Subsec. (b). 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”.
EFFECTIVE DATE OF 1984 AMENDMENT
Amendment by Pub. L. 98-369 effective as if included in the Subchapter S Revision Act of 1982, Pub. L. 97-354, see section 721(y)(1) of Pub. L. 98-369, set out as a note under section 1361 of this title.
EFFECTIVE DATE
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) of Pub. 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) of Pub. L. 98-369, set out as a note under section 404 of this title.
PRIOR PROVISIONS
A prior section 1379, added Pub. L. 91-172, title V, 531(a), Dec. 30, 1969, 83 Stat. 654, and 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 of Pub. L. 97-354.
