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[House Prints 113-46]
[From the U.S. Government Publishing Office]



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                             JUNE 5, 2014 
 
                      RULES COMMITTEE PRINT 113-46 

              TEXT OF H.R. 4453, THE PERMANENT S CORPORATION 
                   BUILT-IN GAINS RECOGNITION PERIOD 
                   ACT OF 2014 

     [Showing the texts of H.R. 4453 and H.R. 4454 as reported by 
       the Committee on Ways and Means with a modification.] 

1 SECTION 1. SHORT TITLE. 

2      This Act may be cited as the "S Corporation Perma-

3 nent Tax Relief Act of 2014". 

4 SEC. 2. REDUCED RECOGNITION PERIOD FOR BUILT-IN 

5             GAINS OF S CORPORATIONS MADE PERMA-

6             NENT. 

7      (a) IN GENERAL.-Paragraph (7) of section 1374(d) 

8 of the Internal Revenue Code of 1986 is amended to read 

9 as follows: 

10           "(7) RECOGNITION PERIOD.--

11                "(A) IN GENERAL.-The term 'recognition 

12            period' means the 5-year period beginning with 

13            the 1st day of the 1st taxable year for which 

14            the corporation was an 8 corporation. For pur-

15            poses of applying this section to any amount in-

16            cludible in income by reason of distributions to 

17            shareholders pursuant to section 593(e), the 


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June 5, 2014 (4:51 p.m.) 


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