U.S. Congress - H.R.1478 S Corporation Modernization Act of 2011
H.R.1478 - S Corporation Modernization Act of 2011
To amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes. view all titles (2)
All Bill Titles
- Official: To amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes. as introduced.
- Short: S Corporation Modernization Act of 2011 as introduced.
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Official Summary
4/12/2011--Introduced.S Corporation Modernization Act of 2011 - Amends the Internal Revenue Code to revise the tax treatment of S corporations by: (1) permanently reducing from 10 to 5 years the period during which S corporation built-in gains are subject to tax; (2) repealing mandatory teOfficial Summary
4/12/2011--Introduced.S Corporation Modernization Act of 2011 - Amends the Internal Revenue Code to revise the tax treatment of S corporations by:(1) permanently reducing from 10 to 5 years the period during which S corporation built-in gains are subject to tax;
(2) repealing mandatory termination of S corporation elections for excessive passive investment income;
(3) allowing S corporations to increase passive investment income from 25 to 60% without incurring additional tax;
(4) allowing nonresident aliens to be potential current beneficiaries of an electing small business trust (ESBT);
(5) allowing individual retirement accounts (IRAs) to be S corporation shareholders;
(6) allowing ESBTs to claim expanded charitable tax deductions; and
(7) making permanent the rule requiring a basis adjustment to stock of an S corporation making charitable contributions of property.
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