Source: http://taxtv.com/code/00828-USCODE-2011-title26-subtitleA-chap1-subchapS-partIV-sec1378/
Timestamp: 2017-11-21 12:03:58
Document Index: 415667126

Matched Legal Cases: ['§1378', '§1378', '§1378', '§2', '§721', '§806', '§2', '§1', '§1901', '§806', '§806', '§806', '§721', '§721', '§1008', '§1008']

IRC §1378. Taxable year of S corporation - TaxTV.com
IRC §1378. Taxable year of S corporation
View related content: IRC §1378
(Added Pub. L. 97–354, §2, Oct. 19, 1982, 96 Stat. 1685; amended Pub. L. 98–369, div. A, title VII, §721(m), (q), July 18, 1984, 98 Stat. 969, 970; Pub. L. 99– 4, title VIII, §806(b), Oct. 22, 1986, 100 Stat. 2363.)
A prior section 1378, added Pub. L. 89–389, §2(a), Apr. 14, 1966, 80 Stat. 113; amended Pub. L. 91–172, title V, §1(c)(4), Dec. 30, 1969, 83 Stat. 638; Pub. L. 94–455, title XIX, §1901(a)(152), (b)(33)(R), Oct. 4, 1976, 90 Stat. 1789, 1802, related to tax imposed on certain capital gains, prior to the general revision of this subchapter by section 2 of Pub. L. 97–354.
1986—Subsec. (a). Pub. L. 99– 4, §806(b)(1), amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “For purposes of this subtitle—
Subsec. (b). Pub. L. 99– 4, §806(b)(2), inserted at end “For purposes of paragraph (2), any deferral of income to shareholders shall not be treated as a business purpose.”
Subsec. (c). Pub. L. 99– 4, §806(b)(3), struck out subsec. (c) which required existing S corporations to use permitted year after 50-percent shift in ownership.
1984—Subsec. (c)(1). Pub. L. 98–369, §721(m), substituted “which includes December 31, 1982 (or which is an S corporation for a taxable year beginning during 1983 by reason of an election made on or before October 19, 1982)” for “which includes December 31, 1982”.
Subsec. (c)(3)(B)(i). Pub. L. 98–369, §721(q), substituted “who (or whose estate) held” for “who held”.
Section 806(e) of Pub. L. 99– 4, as amended by Pub. L. 100–647, title I, §1008(e)(7), (8), (10), Nov. 10, 1988, 102 Stat. 3441, provided that:
Pub. L. 100–647, title I, §1008(e)(9), Nov. 10, 1988, 102 Stat. 3441, provided that: “Nothing in section 806 of the Reform Act [Pub. L. 99– 4, amending this section and sections 267, 441, and 706 of this title and enacting provisions set out above] or in any legislative history relating thereto shall be construed as requiring the Secretary of the Treasury or his delegate to permit an automatic change of a taxable year.”