U.S. Code > Title 26 Internal Revenue Code > Subtitle A—Income Taxes (§§ 1—1564) > CHAPTER 1—NORMAL TAXES AND SURTAXES (§§ 1—1400U3) > Subchapter S—Tax Treatment of S Corporations and Their Shareholders (§§ 1361—1379) > PART IV—DEFINITIONS; MISCELLANEOUS (§§ 1377—1379) > § 1379. Transitional rules on enactment

§ 1379. Transitional rules on enactment

(a) Old elections
Any election made under section 1372 (a) (as in effect before the enactment of the Subchapter S Revision Act of 1982) shall be treated as an election made under section 1362.
(b) References to prior law included
Any references in this title to a provision of this subchapter shall, to the extent not inconsistent with the purposes of this subchapter, include a reference to the corresponding provision as in effect before the enactment of the Subchapter S Revision Act of 1982.
(c) Distributions of undistributed taxable income
If a corporation was an electing small business corporation for the last preenactment year, subsections (f) and (d) of section 1375 (as in effect before the enactment of the Subchapter S Revision Act of 1982) shall continue to apply with respect to distributions of undistributed taxable income for any taxable year beginning before January 1, 1983.
(d) Carryforwards
If a corporation was an electing small business corporation for the last preenactment year and is an S corporation for the 1st postenactment year, any carryforward to the 1st post­enactment year which arose in a taxable year for which the corporation was an electing small business corporation shall be treated as arising in the 1st postenactment year.
(e) Preenactment and postenactment years defined
For purposes of this subsection—
(1) Last preenactment year
The term “last preenactment year” means the last taxable year of a corporation which begins before January 1, 1983.
(2) 1st postenactment year
The term “1st postenactment year” means the 1st taxable year of a corporation which begins after December 31, 1982.