H.R. 1557 · 109th Congress
Small Business Tax Flexibility Act of 2005
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
CubinSponsorNo cosponsors.
Small Business Tax Flexibility Act of 2005 - Amends the Internal Revenue Code to allow certain S corporations a one-time election to transfer money or property to a partnership without recognition of gain or loss by the shareholders of such corporation.
What it does: CRS summary · Introduced in House · Apr 12, 2005
Small Business Tax Flexibility Act of 2005 - Amends the Internal Revenue Code to allow certain S corporations a one-time election to transfer money or property to a partnership without recognition of gain or loss by the shareholders of such corporation. Treats all distributions of the money or property of an electing S corporation as a distribution in part or full payment in exchange for the stock of such corporation.
Requires transferee partnerships to maintain the continuity of the S corporation's business for five years after the conversion to partnership form or pay a recapture tax in the year in which failure to maintain such continuity first occurs.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Small Business Tax Flexibility Act of 2005
Latest action (Apr 12, 2005): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Apr 12, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.