{"identifier":"/us/usc/t26/s1379","title":26,"num":"\u00a7\u202f1379.","heading":"Transitional rules on enactment","text":"\u00a7\u202f1379.\nTransitional rules on enactment\n(a)\nOld elections\nAny 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.\n(b)\nReferences to prior law included\nAny 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.\n(c)\nDistributions of undistributed taxable income\nIf 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\nJanuary 1, 1983\n(d)\nCarryforwards\nIf 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 post\u00adenactment 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.\n(e)\nPreenactment and postenactment years defined\nFor purposes of this subsection\u2014\n(1)\nLast preenactment year\nThe term \u201clast preenactment year\u201d means the last taxable year of a corporation which begins before\nJanuary 1, 1983\n(2)\n1st postenactment year\nThe term \u201c1st postenactment year\u201d means the 1st taxable year of a corporation which begins after\nDecember 31, 1982","url":"https://projectusc.org/usc/t26/s1379.html","content":[{"t":"sec","id":"/us/usc/t26/s1379","children":[{"t":"num","text":"\u00a7\u202f1379."},{"t":"heading","text":"Transitional rules on enactment"},{"t":"subsec","id":"/us/usc/t26/s1379/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"Old elections"},{"t":"content","children":[{"t":"p","text":"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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t26/s1379/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"References to prior law included"},{"t":"content","children":[{"t":"p","text":"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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t26/s1379/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"Distributions of undistributed taxable income"},{"t":"content","children":[{"t":"p","text":"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 ","children":[{"t":"text","text":"January 1, 1983","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t26/s1379/d","children":[{"t":"num","text":"(d)"},{"t":"heading","text":"Carryforwards"},{"t":"content","children":[{"t":"p","text":"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 post\u00adenactment 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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t26/s1379/e","children":[{"t":"num","text":"(e)"},{"t":"heading","text":"Preenactment and postenactment years defined"},{"t":"chapeau","text":"For purposes of this subsection\u2014"},{"t":"para","id":"/us/usc/t26/s1379/e/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"Last preenactment year"},{"t":"content","children":[{"t":"p","text":"The term \u201clast preenactment year\u201d means the last taxable year of a corporation which begins before ","children":[{"t":"text","text":"January 1, 1983","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s1379/e/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"1st postenactment year"},{"t":"content","children":[{"t":"p","text":"The term \u201c1st postenactment year\u201d means the 1st taxable year of a corporation which begins after ","children":[{"t":"text","text":"December 31, 1982","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}