Subchapter S Revision Act of 1998

Summary

TABLE OF CONTENTS: Title I: Subchapter S Expansion Subtitle A: Eligible Shareholders of an S Corporation Subtitle B: Qualification and Eligibility Requirements of S Corporations Subtitle C: Taxation of S Corporation Shareholders Subtitle D: Effective Date Title II: Sense of the House of Representatives Resolution Subchapter S Revision Act of 1998 - Title I: Subchapter S Expansion - Subtitle A: Eligible Shareholders of an S Corporation - Amends the Internal Revenue Code to allow certain members of a family to be treated as one shareholder of an S corporation (electing small business corporation). Permits nonresident aliens to be S corporation shareholders if the corporation is engaged in a U.S. trade or business. Subjects such aliens' effectively-connected U.S. income to withholding tax. Subtitle B: Qualification and Eligibility Requirements of S Corporations - Prohibits, with respect to S corporations, treating: (1) qualified preferred stock as a second class of stock; and (2) a person as a shareholder by reason of holding such stock. (Sec. 112) Permits financial institutions to hold convertible (safe harbor) debt. (Sec. 113) Repeals: (1) the characterization of excessive passive investment income as a termination event; and (2) the passive income capital gain category. (Sec. 115) Permits: (1) an S corporation to make charitable contributions of inventory and scientific property used to care for the ill, the needy, or infants; and (2) S corporation shareholders to increase the basis of their stock by the excess of the charitable contribution over the property's basis. (Sec. 116) Makes other-than health insurance fringe benefits nontaxable for S corporation two-percent shareholders. Subtitle C: Taxation of S Corporation Shareholders - States that a loss recognized by a shareholder in a complete liquidation of an S corporation shall be treated as an ordinary loss to the extent the shareholder's stock basis is attributable to ordinary income from such liquidation. Subtitle D: Effective Date - Sets forth the effective date for provisions of this Act. Title II: Sense of the House of Representatives Resolution - Expresses the sense of the House of Representatives against treating the conversion of certain large C corporations to S corporations as taxable liquidations.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 21 July 1998

   Introduced

   Sponsor introductory remarks on measure. (CR E1365)

   Source: IntroReferral

2. 21 July 1998

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

3. 21 July 1998

   Introduced

   Introduced in House

   Source: IntroReferral

4. 21 July 1998

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 21 July 1998 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 21 July 1998

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 21 July 1998

  ViewDownloadOpen at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in House

  summary · EN · 21 July 1998

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Shaw, E. Clay, Jr. [R-FL-22] · R · Sponsor
• Rep. Matsui, Robert T. [D-CA-5] · D · Sponsor
• Sen. Portman, Rob [R-OH] · R · Sponsor
• Rep. Neal, Richard E. [D-MA-1] · D · Sponsor
• Rep. Camp, Dave [R-MI-4] · R · Sponsor
• Rep. Dunn, Jennifer [R-WA-8] · R · Sponsor
• Rep. Herger, Wally [R-CA-2] · R · Sponsor
• Sen. Bunning, Jim [R-KY] · R · Sponsor
• Rep. Levin, Sander M. [D-MI-12] · D · Sponsor
• Rep. Thomas, William M. [R-CA-21] · R · Sponsor
• Rep. Houghton, Amo [R-NY-31] · R · Sponsor
• Rep. Hall, Ralph M. [R-TX-4] · D · Sponsor
• Rep. Kleczka, Gerald D. [D-WI-4] · D · Sponsor
• Rep. Watkins, Wes [R-OK-3] · R · Sponsor
• Sen. Ensign, John [R-NV] · R · Sponsor
• Rep. McCollum, Bill [R-FL-8] · R · Cosponsor
• Rep. Johnson, Nancy L. [R-CT-5] · R · Cosponsor
• Rep. Jefferson, William J. [D-LA-2] · D · Cosponsor
• Rep. Weller, Jerry [R-IL-11] · R · Cosponsor
• Rep. Christensen, Jon [R-NE-2] · R · Cosponsor
• Rep. Collins, Mac [R-GA-3] · R · Cosponsor
• Rep. Nussle, Jim [R-IA-2] · R · Cosponsor
• Sen. Blunt, Roy [R-MO] · R · Cosponsor
• Rep. Lewis, John [D-GA-5] · D · Cosponsor
• Rep. Leach, James A. [R-IA-2] · R · Cosponsor
• Rep. McCrery, Jim [R-LA-4] · R · Cosponsor
• Rep. Bereuter, Doug [R-NE-1] · R · Cosponsor
• · hswm00 · Standing

Related records

No cross-record relationships stored yet.