H.R.4840 - S Corporation Modernization Act of 2007

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

  • Short: S Corporation Modernization Act of 2007 as introduced.
  • Official: To amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
12/19/07
 
 
 
 
 
 
 

Official Summary

S Corporation Modernization Act of 2007 - Amends the Internal Revenue Code to revise the tax treatment of S corporations, including by: (1) reducing from 10 to 7 years the period during which S corporation built-in gains are subject to tax; (2) allowing nonresident aliens to qualify as bene

Official Summary

S Corporation Modernization Act of 2007 - Amends the Internal Revenue Code to revise the tax treatment of S corporations, including by:
(1) reducing from 10 to 7 years the period during which S corporation built-in gains are subject to tax;
(2) allowing nonresident aliens to qualify as beneficiaries of an electing small business trust (ESBT);
(3) repealing mandatory termination of S corporation elections for excessive passive investment income;
(4) allowing S corporations to increase passive investment income from 25 to 60% without incurring additional tax;
(5) allowing individual retirement accounts to be S corporation shareholders; and
(6) allowing ESBTs to claim expanded charitable tax deductions.Directs the Comptroller General to study and report to Congress on entity neutrality under the Internal Revenue Code with respect to S corporations, limited liability companies, and other pass-through entities.

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