A bill to amend the Internal Revenue Code of 1954 to extend the time for making an election under subchapter S of such code with respect to a small business corporation.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to extend the time for a small business corporation to elect subchapter S status from the first month to the fifteenth day of the third month of the taxable year, and to any time during the preceding taxable year.…