This document contains final
regulations that provide guidance regarding certain changes made to
the rules governing S corporations under the American Jobs Creation
Act of 2004 and the Gulf Opportunity Zone Act of 2005. The final
regulations replace obsolete references in the current regulations
and allow taxpayers to make proper use of the provisions that made
changes to prior law. The final regulations include guidance on the
S corporation family shareholder rules, the definitions of ‘‘powers
of appointment’’ and ‘‘potential current beneficiaries’’ (PCBs)
with regard to electing small business trusts (ESBTs), the
allowance of suspended losses to the spouse or former spouse of an
S corporation shareholder, and relief for inadvertently terminated
or invalid qualified subchapter S subsidiary (QSub) elections. The
final regulations affect S corporations and their
shareholders.
US Code:
26
USC 1362 Name of Law: Election; revocation; termination
US Code: 26
USC 1361 Name of Law: S corporation defined
Charles Langley 202 622-3130
charles.j.langley@irscounsel.treas.gov
No
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