Page:United States Statutes at Large Volume 96 Part 2.djvu/334

 96 STAT. 1696 26 USC 1251.

26use 1254.

95 Stat. 327. 26 USC 1256. 26 USC 6037.

26 USC 6042.

26 USC 6362.

PUBLIC LAW 97-354—OCT. 19, 1982 (A) Subparagraph (B) of section 1251(b)(2) (relating to excess deductions account) is amended— (i) by striking out "an electing small business corporation (as defined in section 1371(b))," and inserting in lieu thereof "an S corporation,", and (ii) by striking out "electing small business corporation" each place it appears in the second and third sentences and inserting in lieu thereof "S corporation". (B) Subparagraph (D) of section 1251(b)(2) is amended by striking out "an electing small business corporation" and inserting in lieu thereof "an S corporation". (37) SECTION 1254(b)(2).—Paragraph (2) of section 1254(b) (relating to special rules for gain from dispositions of interest in oil, gas, or geothermal property) is amended by striking out "an electing small business corporation (as defined in section 1371(b))," and inserting in lieu thereof "an S corporation,". (38) SECTION 1256(e)(3)(B).—Subparagraph (B) of section 1256(e)(3) (defining syndicate) is amended by striking out "an electing small business corporation within the meaning of section 1371(b)" and inserting in lieu thereof "an S corporation". (39) SECTION 6037.— (A) Section 6037 (relating to return of electing small business corporation) is amended— (i) by striking out "Every electing small business corporation (as defined in section 1371(b))" and inserting in lieu thereof "Every S corporation", (ii) by striking out "and such other information" and inserting in lieu thereof "each shareholder's pro rata share of each item of the corporation for the taxable year, and such other information", and (iii) by striking out "ELECTING SMALL BUSINESS CORPORATION" in the section heading and inserting in lieu thereof "S CORPORATION". (B) The table of sections for subpart A of part III of subchapter A of chapter 61 is amended by striking out "electing small business corporation" in the item relating to section 6037 and inserting in lieu thereof "S corporation". (40) SECTION 6042(b)(2).—Paragraph (2) of section 6042(b) (defining dividend) is amended to read as follows: "(2) EXCEPTIONS.—For purposes of this section, to the extent provided in regulations prescribed by the Secretary, the term 'dividend' does not include any distribution or payment— "(A) by a foreign corporation, or "(B) to a foreign corporation, a nonresident alien, or a partnership not engaged in a trade or business in the United States and composed in whole or in part of nonresident aliens." (41) SECTION 6362(f)(7).—Paragraph (7) of section 6362(f) (relating to partnerships, trusts, subchapter S corporations, and other conduit entities) is amended— (A) by striking out "electing small business corporations (within the meaning of section 1371(a))" in subparagraph (D) and inserting in lieu thereof "S corporations", and (B) by striking out "SUBCHAPTER S CORPORATIONS," in

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