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.
Actions
Apr 12, 2003
Sponsor introductory remarks on measure. (CR E768)
Apr 11, 2003
Referred to the House Committee on Ways and Means.