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

Summary

Authorizes 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.

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

Timeline

1. 10 November 1999

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 10 November 1999

   Introduced

   Sponsor introductory remarks on measure. (CR S14551-14552)

   Source: IntroReferral

3. 10 November 1999

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 10 November 1999 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 10 November 1999

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 10 November 1999

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 10 November 1999

  Open at official source

Sponsors

• Rep. Thomas, Craig [R-WY-At Large] · R · Sponsor
• Sen. Enzi, Michael B. [R-WY] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → To provide an election for a special tax treatment of certain S corporation conversions.