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TREAS/IRS RIN: 1545-BP20 Publication ID: Spring 2020 
Title: Guidance Under 481(d)(2), 1371(f) and 1377 
Abstract:

This notice of proposed rulemaking provides rules regarding the definition of an eligible terminated S corporation (ETSC) under section 481(d) of the Internal Revenue Code (Code), and the treatment of distribution of money by an ETSC, after the post-termination transition period (PTTP) under the period set forth in section 1371(f) of the Code.  In addition, these proposed regulations would revise current regulations addressing the PTTP to extend the treatment of distributions of money to all shareholders of the corporation at the time of the distribution.

 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
EO 13771 Designation: Other 
CFR Citation: 26 CFR 1.481-5    26 CFR 1.481-6    26 CFR 1.1371-1    26 CFR 1.1371-2    26 CFR 1.1377-2(b)    ...     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 26 U.S.C. 7805    26 U.S.C. 481    26 U.S.C. 1371    26 U.S.C. 1377   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  11/07/2019  84 FR 60011   
NPRM Comment Period End  12/23/2019 
Final Action  06/00/2020 
Additional Information: REG-131071-18 (Final) Drafting attorney: Michael Gould (202) 317-5279 Reviewing attorney: Bradford Poston (202) 317-5049 Treasury attorney: Colin Campbell (202) 622-2721 CC:PSI:B03
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Michael R. Gould
Attorney
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW., Room 5022C,
Washington, DC 20224
Phone:202 317-5279
Fax:855 591-7865
Email: michael.r.gould@irscounsel.treas.gov