Subchapter S Revision Act of 1982

The document provides an overview of the revision of subchapter S of the Internal Revenue Code, specifically addressing small business corporations. Key points include flexibility for small businesses, tax treatment distinct from C corporations, and coordination with subchapter C and foreign income. Definitions relevant to this section are also provided, including those related to S corporations and 2-percent shareholders. Transitional rules on enactment are mentioned, including old elections being treated as new ones and the extension of certain provisions to subchapter S items.