Small Business Tax Flexibility Act of 2005

Summary

Small Business Tax Flexibility Act of 2005 - Amends the Internal Revenue Code to allow certain S corporations a one-time election to transfer money or property to a partnership without recognition of gain or loss by the shareholders of such corporation. Treats all distributions of the money or property of an electing S corporation as a distribution in part or full payment in exchange for the stock of such corporation. Requires transferee partnerships to maintain the continuity of the S corporation's business for five years after the conversion to partnership form or pay a recapture tax in the year in which failure to maintain such continuity first occurs.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 12 April 2005

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• Introduced in House (PDF)

  Introduced in House · EN · 12 April 2005

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• Introduced in House

  summary · EN · 12 April 2005

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