H.R. 6055 · 97th Congress · enacted
Subchapter S Revision Act of 1982
Became Public Law No: 97-354.
Latest official action 1982-10-19 · Enacted
The bill, briefly
Subchapter S Revision Act of 1982 - Amends the Internal Revenue Code to revise the tax treatment of small business corporations and their shareholders. Divides corporations into two classes: (1) S corporations, (formerly Subchapter S corporations) for electing small business corporations; and (2) C corporations, for all other corporations. Increases from 25 to 35 the number of shareholders an S corporation may have. Specifies that a corporation shall not be treated as having more than one class of stock solely because of differences in voting rights among shares of common stock. Revises the method of electing, revoking, and terminating S corporation elections. Provides that shareholders holding one-half of the stock of an S corporation must consent to revocation of an election. Repeals provisions which allow a new shareholder who refuses to consent to an S corporation election to terminate the election. Provides that a corporation shall cease to be a small business corporation where passive investment income exceeds 20 percent of gross receipts only if the corporation also has accumulated earnings and profits. Authorizes the Secretary of the Treasury to waive the termination of an S corporation election in the case of inadvertent terminations. Provides that S corporation shareholders shall be taxed on their pro rata share of the corporation's items of income. Specifies that su…
Congressional Research Service · 1982-04-01
Who reported lobbying on this bill?
Amount spent specifically on this bill: not disclosed
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Politicians behind the bill
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PAC donors to the listed sponsors
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What happened after enactment?
Dated agency-reported implementation and uptake measures are shown with their scope. They do not by themselves establish causal success. If no evidence is listed, the outcome is not established.