The Bulletin Index-Digest System & Highlights Summaries

Small Business Corporations

The following items are Summaries from the "Highlights" page of each Internal Revenue Bulletin, the official weekly publication of the IRS. The Summaries begin in January 1994 and have been compiled through the date shown above. There are no links for the documents issued in 1994 and 1995, but beginning in January 1996 there are links to the full text of all the actual documents. These documents have been extracted from IRS's Internal Revenue Bulletins and are in the Adobe Acrobat PDF format. You will need the appropriate Acrobat Reader installed on your computer to view or print the PDF files.

REG 106527-98 from IR Bulletin No. 1999-34
Proposed regulations under section 1223 of the Code relate to the sales or exchanges of interests in partnerships, S corporations, and trusts. A public hearing is scheduled for November 18, 1999.

REG-106219-98 from IR Bulletin No. 1999-09
Proposed regulations under section 1502 of the Code provide specific rules that apply to the acquisition of the stock of an S corporation by an affiliated group of corporations that joins in the filing of a consolidated return. A public hearing on the proposed regulations will be held on March 31, 1999.

LATE ELECTION RELIEF

Rev. Proc. 98-55 from IR Bulletin No. 1998-46
Late election relief for S corporations. If an S election or other related election is filed after the due date for the desired effective date of that election, special procedures permit taxpayers meeting the eligibility requirements outlined in this revenue procedure to request relief through the service center instead of applying for a private letter ruling. This revenue procedure extends the special procedure for late S corporation elections described in Rev. Proc. 97-40 from 6 months to 12 months (but in no event to later than the unextended due date of the tax return for the first year the corporation intended to be an S corporation), provides similar relief for certain QSub elections, and extends the application of Rev. Proc. 94-23 to ESBT elections. Rev. Procs. 94-23 and 97-40 amplified and superseded.

QSSS - QUALIFIED SUBCHAPTERS SUBSIDIARY

REG-251698-96 from IR Bulletin No. 1998-20
Proposed regulations under sections 1361 and 1362 of the Code interpret the rules permitting an S corporation to own 80 percent or more of the stock of a C corporation, and to elect to treat a wholly owned subsidiary as a qualified subchapter S subsidiary (QSSS).

SUBSIDIARIES

Rev. Proc. 98-56 from IR Bulletin No. 1998-46
Section 1374 no-rule. This procedure amplifies the "No Rule" revenue procedure, Rev. Proc. 98-3, 1998-1 I.R.B. 100, to include certain issues arising in the timber, coal, and domestic iron ore industries under sections 631 and 1374 of the Code.

REG-209446-82 from IR Bulletin No. 1998-36
Proposed regulations under section 1366 of the Code relate to the pass through of items of an S corporation to its shareholders, the adjustments to the basis of stock of the shareholders, and the treatment of distributions by an S corporation. A public hearing will be held on December 15, 1998.

Announcement 98-82 from IR Bulletin No. 1998-35
This document provides notice of a public hearing on proposed regulations, REG-251698-96, 1998-20 I.R.B. 14, under section 1308 of the Code relating to the treatment of corporate subsidiaries of S corporations. The hearing will be held on September 9, 1998.

Rev. Proc. 98-23 from IR Bulletin No. 1998-10
Conversion of a Qualified Subchapter S Trust (QSST) to an Electing Small Business Trust (ESBT) and of an ESBT to a QSST This procedure provides automatic consent of the Commissioner for the conversion of a Qualified Subchapter S Trust (QSST) to an Electing Small Business Trust (ESBT) and of an ESBT to a QSST

Rev. Proc. 97-48 from IR Bulletin No. 1997-43
Automatic relief for S elections. Special procedures permit taxpayers in certain situations to obtain automatic late S corporation election relief instead of applying for a private letter ruling.

Rev. Proc. 97-40 from IR Bulletin No. 1997-33
Late S corporation elections. If an S corporation election is filed late for a current taxable year, Rev. Proc. 97-40 provides a special procedure to permit taxpayers to request relief instead of applying for a private letter ruling.

Rev. Proc. 97-18 from IR Bulletin No. 1997-10
This procedure provides guidance for any bank seeking to change its accounting method for bad debts from the section 585 reserve method to the section 166 specific charge-off method in order to elect S corporation status for the 1997 tax year.

Notice 97-5 from IR Bulletin No. 1997-02
Electing small business corporations and banks. This notice provides guidance on the effect of the qualified subchapter S subsidiary (QSSS) election under section 1361(b)(3) on banks affiliated with nonbanks; the application of the S corporation passive investment income rule of section 1362(d)(3); the application of the interest expense disallowance rules of section 265; and an automatic change in method of accounting for bad debts.

Notice 97-4 from IR Bulletin No. 1997-02
S corporation subsidiaries. This notice requests comments concerning issues raised by section 1308 of the Small Business Job Protection Act of 1996 which permits an S corporation (1) to own 80 percent or more of the stock of a C corporation, and (2) to elect to own a qualified subchapter S subsidiary (QSSS). This notice also provides temporary guidance on the manner in which a QSSS election must be made and the effective date of the election.

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