3.0.0 1557 2019-11-15T21:48:08Z 2019-11-15T21:48:08Z House H HR 2005-04-12 109 hswm00 Ways and Means Committee House Standing Referred to 2005-04-12T16:30:40Z 2005-04-12 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2005-04-12 Sponsor introductory remarks on measure. (CR E612) IntroReferral B00100 9 Library of Congress 2005-04-12 Introduced in House IntroReferral Intro-H 9 Library of Congress 2005-04-12 Introduced in House IntroReferral 1000 9 Library of Congress C000962 Rep. Cubin, Barbara [R-WY-At Large] BARBARA CUBIN R WY N Taxation Capital gains tax Commerce Corporate reorganizations Corporation taxes Income tax Partnerships Small business Tax exclusion Tax returns Taxation 00 2005-04-12 Introduced in House 2005-05-06T19:09:21Z 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.

]]> Small Business Tax Flexibility Act of 2005 Short Titles as Introduced Small Business Tax Flexibility Act of 2005 Display Title Small Business Tax Flexibility Act of 2005 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide an election for a special tax treatment of certain S corporation conversions. Introduced in House 2005-04-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr1557ih/xml/BILLS-109hr1557ih.xml 2005-04-12 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.