Sec. 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 preachment 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 preachment year and is an S corporation for the 1st posttreatment year, any carryforward to the 1st posttreatment 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 posttreatment year.
(e) Preachment and posttreatment years defined. For purposes of this subsection--
(1) Last preachment year. The term "last preachment year" means the last taxable year of a corporation which begins before January 1, 1983.
(2) 1st posttreatment year. The term "1st posttreatment year" means the 1st taxable year of a corporation which begins after December 31, 1982.
