A bill to amend the Internal Revenue Code of 1986 to modify the provisions permitting certain entities to elect a taxable year other than the required year.

Summary

Amends the Internal Revenue Code to repeal the limitations on taxable years which may be elected by a partnership, S corporation, or personal service corporation. Provides that a change of taxable year shall not be treated as a termination of an election to have a taxable year other than the required taxable year unless such change is to a required taxable year. Provides that if such entities terminate such election, then they are not eligible to make another election before five taxable years have passed, without the consent of the Secretary of the Treasury. Sets forth circumstances for making such an election without the consent of the Secretary. Provides that any loss for the short period resulting from a change in election: (1) shall not be allowed as a carryback to any preceding taxable year (and shall not be taken into account by any partner of a partnership, or shareholder of an S corporation); and (2) shall be taken into account by the entity (or partner or shareholder) ratably over the first six taxable years beginning after the short period.

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

Timeline

1. 3 August 1990

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 3 August 1990

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 3 August 1990

  Open at official source

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Sponsors

• Sen. Baucus, Max [D-MT] · D · Sponsor
• Sen. Heinz, John [R-PA] · R · Sponsor
• Sen. Kassebaum, Nancy Landon [R-KS] · R · Cosponsor
• Sen. Stevens, Ted [R-AK] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → To amend the Internal Revenue Code of 1986 to modify the provisions permitting certain entities to elect a taxable year other than the required year.