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26 U.S.C. § 1379 — Transitional rules on enactment
Federal law — U.S. Code and appendices · legal_authorities
**(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.
**(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.
**(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.
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Stable record: federal_law:legal_authorities:record_usc_0258a5f84a1aaf42f56759e3
Source file: Laws/federal/codes/united-states-code/title-26/section-1379-transitional-rules-on-enactment--7449d5ec78.md
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Source location: Title 26, Chapter 1, § 1379; chapter-001-normal-taxes-and-surtaxes.md
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**(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.
**(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.
**(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.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** If contributions are paid by an employer to or under a stock bonus, pension, profit-sharing, or annuity plan, or if compensation is paid or accrued on account of any employee under a plan deferring the receipt of such compensation, such contributions or compensation shall not be deductible under this chapter; but, if they would otherwise be deductible, they shall be deductible under this section, subject, however, to the following limitations as to the amounts deductible in any year:
(1) **Pension trusts**
(A) *In general* — In the taxable year when paid, if the contributions are paid into a pension trust (other than a trust to which paragraph (3) applies), and if such taxable year ends within or with a taxable year of the trust for which the trust is exempt under section 501(a), in the case of a defined benefit plan other than a multiemployer plan, in an amount determined under subsection (o), and in the case of any other plan in an amount determined as follows:
(i) the amount necessary to satisfy the minimum funding standard provided by section 412(a) for plan years ending within or with such taxable year (or for any prior plan year), if such amount is greater than the amount determined under clause (ii) or (iii) (whichever is applicable with respect to the plan),
(ii) the amount necessary to provide with respect to all of the employees under the trust the remaining unfunded cost of their past and current service credits distributed as a level amount, or a level percentage of compensation, over the remaining future service of each such employee, as determined under regulations prescribed by the Secretary, but if such remaining unfunded cost with respect to any 3 individuals is more than 50 percent of such remaining unfunded cost, the
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Federal law — U.S. Code and appendices · legal_authorities
**(a) S corporation defined**
(1) **In general** — For purposes of this title, the term “S corporation” means, with respect to any taxable year, a small business corporation for which an election under section 1362(a) is in effect for such year.
(2) **C corporation** — For purposes of this title, the term “C corporation” means, with respect to any taxable year, a corporation which is not an S corporation for such year.
**(b) Small business corporation**
(1) **In general** — For purposes of this subchapter, the term “small business corporation” means a domestic corporation which is not an ineligible corporation and which does not—
(A) have more than 100 shareholders,
(B) have as a shareholder a person (other than an estate, a trust described in subsection (c)(2), or an organization described in subsection (c)(6)) who is not an individual,
(C) have a nonresident alien as a shareholder, and
(D) have more than 1 class of stock.
(2) **Ineligible corporation defined** — For purposes of paragraph (1), the term “ineligible corporation” means any corporation which is—
(A) a financial institution which uses the reserve method of accounting for bad debts described in section 585,
(B) an insurance company subject to tax under subchapter L, or
(C) a DISC or former DISC.
(3) **Treatment of certain wholly owned subsidiaries**
(A) *In general* — Except as provided in regulations prescribed by the Secretary, for purposes of this title—
(i) a corporation which is a qualified subchapter S subsidiary shall not be treated as a separate corporation, and
(ii) all assets, liabilities, and items of income, deduction, and credit of a qualified subchapter S subsidiary shall be treated as assets, liabilities, and such items (as the case may be) of the S corp
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** For purposes of this subtitle, the term “adjusted gross income” means, in the case of an individual, gross income minus the following deductions:
(1) **Trade and business deductions** — The deductions allowed by this chapter (other than by part VII of this subchapter) which are attributable to a trade or business carried on by the taxpayer, if such trade or business does not consist of the performance of services by the taxpayer as an employee.
(2) **Certain trade and business deductions of employees**
(A) *Reimbursed expenses of employees* — The deductions allowed by part VI (section 161 and following) which consist of expenses paid or incurred by the taxpayer, in connection with the performance by him of services as an employee, under a reimbursement or other expense allowance arrangement with his employer. The fact that the reimbursement may be provided by a third party shall not be determinative of whether or not the preceding sentence applies.
(B) *Certain expenses of performing artists* — The deductions allowed by section 162 which consist of expenses paid or incurred by a qualified performing artist in connection with the performances by him of services in the performing arts as an employee.
(C) *Certain expenses of officials* — The deductions allowed by section 162 which consist of expenses paid or incurred with respect to services performed by an official as an employee of a State or a political subdivision thereof in a position compensated in whole or in part on a fee basis.
(D) *Certain expenses of elementary and secondary school teachers* — The deductions allowed by section 162 which consist of expenses, not in excess of $250, paid or incurred by an eligible educator—
(i) by reason of the participation of the educator
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Grant of exemptions** The Secretary shall establish an exemption procedure for purposes of this subsection. Pursuant to such procedure, he may grant a conditional or unconditional exemption of any fiduciary or transaction, or class of fiduciaries or transactions, from all or part of the restrictions imposed by sections 1106 and 1107(a) of this title. Action under this subsection may be taken only after consultation and coordination with the Secretary of the Treasury. An exemption granted under this section shall not relieve a fiduciary from any other applicable provision of this chapter. The Secretary may not grant an exemption under this subsection unless he finds that such exemption is—
(1) administratively feasible,
(2) in the interests of the plan and of its participants and beneficiaries, and
(3) protective of the rights of participants and beneficiaries of such plan.
Before granting an exemption under this subsection from section 1106(a) or 1107(a) of this title, the Secretary shall publish notice in the Federal Register of the pendency of the exemption, shall require that adequate notice be given to interested persons, and shall afford interested persons opportunity to present views. The Secretary may not grant an exemption under this subsection from [section 1106(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1106/b&num=0&edition=prelim) unless he affords an opportunity for a hearing and makes a determination on the record with respect to the findings required by paragraphs (1), (2), and (3) of this subsection.
**(b) Enumeration of transactions exempted from section 1106 prohibitions** The prohibitions provided in [section 1106 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-tit
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Federal law — U.S. Code and appendices · legal_authorities
Page 2468
TITLE 26—INTERNAL REVENUE CODE
§ 1379
(b) Permitted year defined
For purposes of this section, the term ‘‘per-
mitted year’’ means a taxable year which—
(1) is a year ending December 31, or
(2) is any other accounting period for which
the corporation establishes a business purpose
to the satisfaction of the Secretary.
For purposes of paragraph (2), any deferral of in-
come to shareholders shall not be treated as a
business purpose.
(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. 99–514, title VIII, § 806(b), Oct. 22, 1986, 100
Stat. 2363.)
Editorial Notes
PRIOR PROVISIONS
A prior section 1378, added Pub. L. 89–389, § 2(a), Apr.
14, 1966, 80 Stat. 113; amended Pub. L. 91–172, title V,
§ 511(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 sec-
tion 2 of Pub. L. 97–354.
AMENDMENTS
1986—Subsec. (a). Pub. L. 99–514, § 806(b)(1), amended
subsec. (a) generally. Prior to amendment, subsec. (a)
read as follows: ‘‘For purposes of this subtitle—
‘‘(1) an S corporation shall not change its taxable
year to any accounting period other than a permitted
year, and
‘‘(2) no corporation may make an election under
section 1362(a) for any taxable year unless such tax-
able year is a permitted year.’’
Subsec. (b). Pub. L. 99–514, § 806(b)(2), inserted at end
‘‘For purposes of paragraph (2), any deferral of income
to shareholders shall not be treated as a business pur-
pose.’’
Subsec. (c). Pub. L. 99–514, § 806(b)(3), struck out sub-
sec. (c) which required existing S corp
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1379
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