§1379 Transitional Rules on Enactment

Summary

These are transition rules from when Congress rewrote the S corporation rules in the Subchapter S Revision Act of 1982. An election made under the old law counts as an election under current section 1362, and references to current subchapter S provisions also pick up the matching old-law provisions. The remaining rules handled the switchover itself: old distribution rules kept applying to tax years beginning before January 1, 1983, and carryforwards from old electing small business corporation years were treated as arising in the first tax year beginning after December 31, 1982. Those switchover rules concern years long past and have no current effect.