Authorizes 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.
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Jun 27, 2001
Referred to the House Committee on Ways and Means.