Subchapter S Revision Act of 1982

[AI summary unavailable — showing source text] Subchapter S Revision Act of 1982 - Amends the Internal Revenue Code to revise the tax treatment of small business corporations and their shareholders. Divides corporations into two classes: (1) S corporations, (formerly Subchapter S corporations) for electing small business corporations; and (2) C corporations, for all other corporations. Increases from 25 to 35 the number of shareholders an S corporation may have. Specifies that a corporation shall not be treated as having more than one class of stock solely because of differences in voting rights among shares of common stock. Revises the method of electing, revoking, and terminating S corporation elections. Provides that shareholders holding one-half of the stock of an S corporation must consent to revocation of an election. Repeals provisions which allow a new shareholder who refuses to consent to an S corporation election to terminate the election. Provides that a corporation shall cease to be a small business corporation where passive investment income exceeds 20 percent of gross receipts only if the corporation also has accumulated earnings and profits. Authorizes the Secretary of the Treasury to waive the termination of an …