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United States · Bill · HR

H.R. 5205 (96th)

A bill to amend the Internal Revenue Code of 1954 with respect to the number of individuals who may be shareholders in subchapter S corporations.

referredUnited States· United States Congress· EN

Introduced

6 September 1979

Last action

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Status

Referred to House Committee on Ways and Means.

Sponsors

—

Subjects

Discovery layer

Source updated

7 February 2024

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Summary

Amends the Internal Revenue Code to limit to 30 the number of shareholders in a corporation which has been an electing small business corporation under Subchapter S of the Code for a period of five consecutive taxable years. Provides that such corporations may have additional shareholders if, during such five year period, the number of shareholders exceeds 15 (but not in excess of 30) due to shareholder inheritance or stock transfers to lineal descendants.

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Documents

1 official file

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