Small Business Tax Modernization Act of 2004

Summary

Small Business Modernization Act of 2004 - Amends the Internal Revenue Code to: (1) terminate subchapter S corporation elections after 2004 and subchapter S status after 2014 and to allow privately-held domestic corporations, in lieu of electing subchapter S treatment, to elect to be treated as partnerships for tax purposes; (2) set forth rules for the tax treatment of former subchapter S corporations electing partnership status; and (3) exclude from net earnings from self-employment partnership income attributable to capital.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 2 April 2004

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• Introduced in House (PDF)

  Introduced in House · EN · 2 April 2004

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• Introduced in House

  summary · EN · 2 April 2004

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