Sec. 1.1367-3 Effective/Applicability date.

Section 1.1367-2(a), (c)(2), (d)(2), and (e) Example 6, Example 7, and Example 8 apply to any shareholder advances to the S corporation made on or after October 20, 2008, and repayments on those advances by the S corporation. The rules that apply with respect to shareholder advances to the S corporation made before October 20, 2008,are contained in § 1.1367-3 in effect prior to October 20, 2008. (See 26 CFR part 1 revised as of April 1, 2007.) Shareholders have the option to apply these rules to shareholder advances to the S corporation made before October 20, 2008,and repayments on those advances by the S corporation. Section 1.1367-1(h), Example 5 (iii) applies on and after July 23, 2014. The rules that apply before July 23, 2014, are contained in § 1.1367-3 in effect prior to July 23, 2014. (see 26 CFR part 1 revised as of April 1, 2014).

[T.D. 8508, 59 FR 18, Jan. 3, 1994. Revised by T.D. 8852, 64 FR 71641-71652, Dec. 22, 1999. Revised by T.D. 9428, 73 FR 62199-62203, Oct. 20, 2008, and amended by T.D. 9682, 79 FR 42675-42678, July 23, 2014.]