To amend the Internal Revenue Code of 1986 to provide an election for a special tax treatment of certain S corporation conversions.

Summary

Amends the Internal Revenue Code to authorize a qualified S corporation to make a one-time corporate conversion under special tax treatment which shall: (1) in the case of a transfer to partnership form result in no shareholder gain or loss recognition on transferred money or property; and (2) treat other money or property transfers as payment for such corporation's stock. Requires the partnership to maintain a five-year continuity of business in order to avoid a conversion recapture tax.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 11 April 2003

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• Introduced in House (PDF)

  Introduced in House · EN · 11 April 2003

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• Introduced in House

  summary · EN · 11 April 2003

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