Summary: H.R.1791 — 108th Congress (2003-2004)All Information (Except Text)

There is one summary for H.R.1791. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (04/11/2003)

Amends the Internal Revenue Code to authorize a qualified S corporation to make a one-time corporate conversion under special tax treatment which shall: (1) in the case of a transfer to partnership form result in no shareholder gain or loss recognition on transferred money or property; and (2) treat other money or property transfers as payment for such corporation's stock.

Requires the partnership to maintain a five-year continuity of business in order to avoid a conversion recapture tax.