Subchapter S Modernization Act of 2001

Summary

Subchapter S Modernization Act of 2001 - Amends the Internal Revenue Code to revise provisions concerning S corporations to, among other things: (1) allow certain members of a family to be treated as one shareholder of an S corporation; (2) prohibit treating qualified preferred stock as a second class of stock and treating a person as a shareholder by reason of holding such stock; (3) permit financial institutions to hold convertible (safe harbor) debt; (4) repeal the characterization of excessive passive investment income as a termination event; (5) permit certain losses on liquidation not exceeding ordinary income basis to be treated as ordinary losses; (6) permit the deductibility of interest expense incurred by an electing small business trust to acquire S corporation stock; (7) provide that shareholder basis is not increased by income derived from cancellation of S corporation's debt; (8) provide for the exclusion of investment securities income from the passive income test for bank S corporations; (9) provide relief from inadvertently invalid qualified subchapter S subsidiary elections and terminations on the same basis as is provided to invalid or terminated S corporation elections; and (10) provide for the elimination of all earnings and profits attributable to pre-1983 years.

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

Timeline

1. 19 July 2001

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 19 July 2001

   Introduced

   Sponsor introductory remarks on measure. (CR S7959-7962)

   Source: IntroReferral

3. 19 July 2001

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 19 July 2001 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 19 July 2001

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 19 July 2001

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 19 July 2001

  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

• Sen. Hatch, Orrin G. [R-UT] · R · Sponsor
• Sen. Breaux, John B. [D-LA] · D · Sponsor
• Sen. Lincoln, Blanche L. [D-AR] · D · Sponsor
• Sen. Allard, Wayne [R-CO] · R · Sponsor
• Sen. Thompson, Fred [R-TN] · R · Sponsor
• Sen. Gramm, Phil [R-TX] · R · Sponsor
• Sen. Bennett, Robert F. [R-UT] · R · Cosponsor
• Sen. Schumer, Charles E. [D-NY] · D · Cosponsor
• Sen. Frist, William H. [R-TN] · R · Cosponsor
• Sen. Hutchinson, Tim [R-AR] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Subchapter S Modernization Act of 2001