PUBLIC LAW 97-354—OCT. 19, 1982
96 STAT. 1695
(28) SECTION 447(C)(1).—Paragraph (1) of section 447(c) (relating to exception for small business and family corporations) is amended to read as follows: "(1) an S corporation,". (29) SECTION 447(g).—Clause (i) of section 447(g)(4)(A) is amended to read as follows: "(i) an S corporation, or". (30) SECTION 464(C)( i).—Paragraph (1) of section 464(c) (defining farming syndicate) is amended by striking out "an electing small business corporation (as defined in section 1371(b))* each place it appears and inserting in lieu thereof "an S corporation". (31) SECTION 465.— (A) Paragraph (1) of section 465(a) (relating to deductions limited to amount at risk) is amended by adding "and" at the end of subparagraph (A), by striking out subparagraph (B), and by redesignating subparagraph (C) as subparagraph (B). (B) Paragraph (3) of section 465(a) is amended— (i) by striking out "paragraph (1)(C)" and inserting in lieu thereof "paragraph (I)(B), and (ii) by striking out "PARAGRAPH (ixo" in the paragraph heading and inserting in lieu thereof "PARAGRAPH (1)(B)". (C) The last sentence of paragraph (2) of section 465(c) is amended— (i) by striking out "an electing small business corporation the first place it appears and inserting in lieu thereof "an S corporation", and (ii) by striking out "an electing small business corporation the second place it appears and inserting in lieu thereof "the S corporation. (D) Clause (ii) of section 465(c)(3)(B) is amended by striking out "electing small business corporation (as defined in section 1371(b))" and inserting in lieu thereof "an S corporation". (E) Subparagraph (A) of section 465(c)(4) is amended by striking out "subsection (a)(l)(C)" and inserting in lieu thereof "subsection (a)(l)(B)". (32) SECTION 992 (d)(7).—Paragraph (7) of section 992(d) (relating to corporations not eligible to be a DISC) is amended to read as follows: "(7) an S corporation." (33) SECTION ioi6(a)(i8).—Paragraph (18) of section 1016(a) (relating to adjustments to basis) is amended to read as follows: "(18) to the extent provided in section 1367 in the case of stock of, and indebtedness owed to, shareholders of an S corporation;". (34) SECTION 1101(a)(3)(D).—Subparagraph (D) of section 1101(a)(3) (relating to non-pro rata distributions from certain closely held corporations) is amended by striking out "section 1371(a)(l)" and inserting in lieu thereof "section 1361(b)(l)(A)". (35) SECTION 1212 (a).—Subsection (a) of section 1212 (relating to capital loss carrybacks and carryovers of corporations) is amended by striking out paragraph (3) and by redesignating paragraph (4) as paragraph (3). (36) SECTION 1251(b)(2)(B).—
26 USC 447.
Ante, p. i95. 26 USC 464.
26 USC 465.
26 USC 992.
26useioi6.
26useii0i.
26 USC 1212.
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